As mentioned earlier, Alpha magazine is set to follow up its annual list of the this year's top earning hedge fund managers tomorrow with a list of 2008's Biggest Losers, comprised of a group of managers who together lost $6.2 billion 2008. (The mag uses two factors to calculate earnings, or, in this case, lack thereof: "the managers' shares of their firm's performance and management fees, as well as gains on their own capital.") According to CNBC, it will look something like this:
1. Ken Griffin, down $2 billion (personally)

2. Eddie Lampert, down $1 billion

3. Steve Cohen, down $750 million

4. [insert here]
5. [insert here]
6. T. Boone Pickens, down $450 million

7. [insert here]
8. Carl Ichan, down $400 million

It hurts, yeah, but we're told that one of the guys above rallied his troops this morning by offering this silver lining: "I know this looks bad, but don't worry about me compadres. You should see our clients."