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Fortune

Carol J. Loomis

Hard times come to the hedge funds

Hedge Funds SEC Fortune Rockefeller

(Credit: Bonnie Schiffman—Getty Images)

This story originally appeared in the January 1970 issue of Fortune. It is the full text of an article excerpted in Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012, a Fortune Magazine book, collected and expanded by Carol Loomis.

Atalanta Partners, Takara Partners, August Associates, Icarus Partners, Grasshopper Fund, Lincoln Partners, Sage Associates, Rudman Associates, Tamarack Associates, Hawthorn Partners. Most investors would not find a single familiar name in that collection or in a list of more than a hundred similar firms that could follow. Yet, all together, these firms represent an investment force capable of moving more than $1 billion in and out of the stock market. They are private "hedge funds," those unique investment partnerships which operate almost completely out of public view.

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