Twilight of the Stock Pickers: Hedge Fund Kings Face a Reckoning

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Twilight of the Stock Pickers: Hedge Fund Kings Face a Reckoning
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A hedge-fund manager, after years of frustration, has a simple reason for quitting the game: 'I wasn’t having fun'

Clients are withdrawing money at record rates as portfolio managers find it harder to navigate markets and deliver returns Jonathon Jacobson, co-founder of hedge fund Highfields Capital Management, seen at an investment conference in 2013.

Mr. Jacobson closed the fund last year.
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