In the early days of the 2008 financial hangover, “hedge fund” was still a four-letter word. The markets had crashed, bonuses were toxic, and politicians were rediscovering pitchforks. Yet, somewhere between the moral outrage and the margin calls, a strange truth emerged: hedge funds weren’t the villains — they were the only players still telling the truth about risk.
Originally published at Big Think on March 6, 2009.