Quote from Pekelo:
You used the word MOST. How come that MOST HFs lost money last year? After all they can move the market!!!
"Hedge Funds in general finished 2008 -18.3%, compared to S&P -37%."
Hey, all that market moving, at least they beat the S&P!
Keyword is "proprietary trading group". That reduced the universe to a very small #.

Nowadays, anyone can call themselves h.funds. But not many can do arb programs as they are under capitalized.