The fall and rise of a trillion-dollar industry Just three years ago, hedge funds were at thetop of the investment world. Years of unparalleledgrowth had pushed assets to nearly$3 trillion. Leverage was used so aggressivelythat total long and short investments approachedan astonishing $10 trillion. Thousandsof new funds had sprouted in every corner ofthe market, and managers, enjoying an almostunimaginable pool of fees, were dubbed...