Reuters – Some of the best-known hedge fund managers have offered lots of excuses for underperforming the major stock market indexes last year, with many large funds posting double-digit losses.
In letters to investors, managers pointed to things like Europe’s debt crisis, a slower-than-expected economic recovery in the United States, and unforeseen events like Japan’s nuclear disaster all coming together to create a tricky trading environment that was characterized by big and often unpredictable swings in stock prices.
