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Rumor Mill: Hedge Fund Collapsing?

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We’re starting to hear chatter about a hedge fund meltdown. The outlines are still vague. Multi-strategy fund. Something like $3 billion under management. But nothing more.
There are way to many hedge funds that fit that description to get anywhere with just that information. So we’re opening up the comments for random guesses, rumor mongers and, who knows, maybe some actual intelligence.
Keep in mind that these stories come and go, sometimes never amounting to anything.