Black Enterprise – Hedge fund managers, let us toast the triumphs and travails of your secretive world as the year draws to a close. Already I can hear some of you yelping. You hate being calledsecretive. You insist that it is federal laws that prohibit you from talking to the public, and in fact you would like the world to know more about you (except who you are, what you trade and whatkind of returns you have generated).

In 2006, however, some of you discovered the one thing more valuable than your secrecy: permanent money.

The Fortress Investment Group, which runs both hedge funds and private equity funds, and Citadel, a multi-strategy hedge fund, both filed prospectuses this year to offer securities to the public.

To some, this is preferable to raising more money from investors in the fund because they can redeem their money, with certain restrictions, when they want.

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