Hedge Manager Is Almost Famous - New York Times

An interesting look at how Hedge funds have become the profit centers for Investment Banks.

Hedge Manager Is Almost Famous - New York Times:

"More than any other investment bank, Goldman Sachs relies on trading gains to drive its profits. Mr. Agus had a very good year in 2005 — he is estimated to have made $10 million to $20 million — and he will surely get a raise in 2006. His year is further evidence that on Wall Street, the real money is being made not by investment bankers cutting high-profile deals, but by anonymous traders making risky, profitable bets with their firm’s capital."

An interesting question is what the success of hedge funds says about market efficiency.