NYTimes: Investors Flee as Hedge Fund Woes Deepen

"The gilded age of hedge funds is losing its luster. The funds, pools of fast money that defined the era of Wall Street hyper-wealth, are in the throes of an unprecedented shakeout. Even some industry stars are falling back to earth."

"This unregulated, at times volatile corner of finance — which is supposed to make money in bull and bear markets — lost $180 billion during the last three months. Investors, particularly wealthy individuals, are heading for the exits.

As the stock market plunged again on Wednesday, with the Dow Jones industrial average sinking 514 points, or 5.7 percent, the travails of the $1.7 trillion hedge fund industry loomed large. Some funds dumped stocks in September as their investors fled, and other funds could follow suit, contributing to the market plummet.

No one knows how much more hedge funds might have to sell to meet a rush of redemptions. But as the industry’s woes deepen, money managers fear hundreds or even thousands of funds could be driven out of business.

The implications stretch far beyond Manhattan and Greenwich, Conn., those moneyed redoubts of hedge-fund lords. That is because hedge funds are not just for the rich anymore. In recent years, public pension funds, foundations and endowments poured billions of dollars into these private partnerships. Now, in the midst of one of the deepest bear markets in generations, many of those investments are souring.

Granted, hedge funds are not going to disappear. In fact, some are still thriving. Even many of the ones that have stumbled this year are doing better than the mutual fund industry, which has also been hit with withdrawals that have forced their managers to sell."

Tech Startups 3.0

Tech Startups 3.0

lance

BOrat

Mark Cavendish wins again at Tour de France; Kirchen still in yellow - 45 minutes ago
TOULOUSE, France — Mark Cavendish of Britain won a second stage of the Tour de France on Saturday, using his superior speed to cut through the field and ...
The Canadian Press

In Stage Three of the Tour de France, Will Frischkorn, came close ...SI.com - 10 hours agoSuch is the fate, it seems, of all Tour de France breakaway riders. The escapees are allowed to range miles ahead of the main bunch, before the directors in

Evans happy with lead in Tour de France - 1 hour ago
'So far so good' - Australian Cadel Evans is in a good position after four stages of the Tour de France. [AFP] Australian cyclist Cadel Evans has opened up

Tour de France: Valverde off to the perfect start

"Tour de France: Valverde off to the perfect start - 8 hours ago
By Alasdair Fotheringham On Saturday, for the first time in over 40 years, the Tour de France eliminated the usual opening prologue. ..."

le tour - Google Search

le tour - Google Search: "Le Tour de Fleece: Le Tour de Fleece 2008 - Home PageNew home page to get the site ready for the 2008 edition of Le Tour de Fleece. Check again soon for more updates. Introduction ...
www.tourdefleece.com/"

armani

Verify or Claim Le Tour de France - MyBlogLog

Verify or Claim Le Tour de France - MyBlogLog: "Undergoing MyBlogLog Verification"

YouTube - kid in bike race

Sport Feed Article | Sport |

Sport Feed Article | Sport |: "SION, Switzerland, May 2 (Reuters) - Andreas Kloeden, done out of the top two stage races this season, snatched the lead in the Tour de Romandie on Friday with victory in the third-stage individual time trial.
Twice a Tour de France runner-up, in 2004 and 2006, the German will not have the chance of going for victory this year in the world's biggest race after his Astana team was not invited because of its past doping record.
As a result, the Tour de Romandie became a major objective for the Berliner, whose team have also been declined a place in the Giro d'Italia although they will take part in the Tour of Spain."

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Fire crotch

Lance's ex

Tour de France

"Lance Armstrong ­ at right with George Hincapie during this year's Tour de France ­ said the decision to disband the cycling team he co-owns 'really simplified my schedule.'"

Feud could keep top riders from Beijing Olympics

"A squabble for control of the sport of cycling is threatening to spill over into the Olympics, forcing riders to choose between the Tour de France and the Beijing Games.
UCI, the international cycling federation, and the Amaury Sports Organization (ASO) — organizer of the Tour de France and most of Europe's top road races — have been battling for several years over who can determine which teams get into the most prestigious and profitable events.

ASO says UCI is trying to control races that have been historically independent, while UCI says the ASO is undermining the Olympics-based world sports federation structure.

Sunday's start of the ASO's Paris-Nice stage race has become a line drawn in the sand: Pro teams that choose to start that race Lance camper, America's favorite truck camper manufacturer face the possibility UCI will ban their riders from the 2008 Olympics and world championships and receive six-month suspensions and a fine of almost $10,000. The cycling federation also has said entire teams could be banished from its major league UCI Pro Tour.

ASO says invited teams that don't race will be barred from July's Tour de France, the sport's biggest race and a huge magnet for sponsorship dollars."

Tour de California Winner

"American Levi Leipheimer successfully defended his Tour of California title on Sunday, winning the eight-day, 1,069-kilometre race by 49 seconds.
Leipheimer, who held the race lead for the final five days, finished 22nd in the main field on the final stage and claimed the overall title ahead of Briton David Millar.
Christian Vande Velde of the U.S. was third overall in the third edition of the race, trailing Leipheimer by one minute, eight seconds.
Compatriot George Hincapie a Tour de France stage winner and a team mate of Lance Armstrong in each of his seven titles in France, claimed the rainy 150.2-kilometre final stage in three hours, 50 minutes, 57 seconds.
Australian Rory Sutherland was second in the stage, with American Jason McCartney third, both in the same time as Hincapie.
A field of 132 began the race but illness, five rainy and windy stage and an arduous seven-hour fourth stage depleted the field and left only 77 finishers.
Leipheimer, who won the 19th stage of last year's Tour de France, placed sixth in the inaugural Tour of California in 2006. He won by 21 seconds over Jens Voigt of Germany last year.
Leipheimer assumed the race lead with his second place in the road race third stage on Wednesday. He built his margin to his eventual winning advantage with a dominating individual time trial win in the fifth stage in Solvang."

Hi Lance's GF