"For the $2 trillion hedge fund industry, a long-feared shakeout is at hand. Some analysts say one out of every 10 funds could fold."
Seriously? News flash, NYT: When an illiquid asset class that grew on excess leverage and irrational hopes of profit collapses, you'll be lucky if one out of 10 survives.
Ask me how I know.
Fortunately, there are useful things for all those unemployed quants and asset managers to do.