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Hedge Funds Are Running Out of Reasons to Exist: Matthew Lynn

Defending hedge funds isn’t the easiest way to make a living. It ranks somewhere between the tobacco lobbyist who tries to convince people that smoking isn’t so bad for you, and the automobile manufacturer who pretends that cars have nothing to do with melting polar ice caps. Jobs don’t come much more thankless.

Even so, the way the hedge-fund industry has been defending itself in the past few months has been truly lamentable.