But 2019 wasn't all bad for hedge fund managers.
Once-embattled stock-pickers like Bill Ackman and David Einhorn had bounce-back years, with Ackman posting record returns. Activists like Third Point, Elliott, and Starboard Value saw big campaigns go their way. And Steve Cohen's first full year of trading after his ban from regulators beat several rivals — and the billionaire is set to buy his favorite baseball team.
That said, there were funds that slipped and stumbled. Short-sellers were pressed again as the market surged. Ray Dalio stumbled for the first time in years, and PIMCO's flagship hedge fund offering lost money.
For Ray it's water off a duck's back.
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