Never mind the massive fines flying for traders who sank their commodity funds.
Never mind the continuing parade of money managers indicted for running Ponzi schemes.
Never mind the hedge fund managers who continue to trade even after they're convicted of money laundering.
Despite these and more systemic problems, new hedge funds launched at breakneck pace in 2010. Accredited investors with more money than smarts show a never-ending willingness to entrust poor-performing money managers with even more money. People who should know better are too credulous for words. Specialists in behavioral finance need to research this phenomenon. I suspect Bayes' Theorem comes into play. Go look that one up.