Hedge funds started as niche products for select investors, then grew as managers chalked up outsized returns to their investment skills. The economic downturn has pulled down many hedge funds and prompted others to return to where they began. "Eighty percent of the hedge-fund sector will not be here in three to four months," said Robert McAdie, a credit strategist at Barclays Capital. "Levered strategies are dead in this environment."
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