If most hedge fund end-of-year letters that arrived in investor mailboxes in January and February had a common stay-the-course-in-the-face-of-harsh-losses theme, most also shared another trait: They could have used some editing.
“They think more is better — and the worse the year, the bigger the letter gets,” observes Helenmarie Rodgers, head of business development at Prisma Capital Partners, a $4 billion fund of hedge funds in New York.
