The ones that bet against mortgages did phenomenally well, Cooley says.
Question: How have hedge funds weathered the credit crisis?
Thomas Cooley: Well, again, some of the hedge funds are doing very well. The hedge fund that bet against mortgages that sort of made big bets against sub-prime lending, did phenomenally well. And many of the others did very well also. So Renaissance Technologies, for example, which is a quantitative hedge fund, had a banner year. So they made lots of money. A lot of people thought that the problems-- that risks of the credit markets were going to come from hedge funds. Instead they came from investment banks and other banks. And so, I think there will be though, at the end of this process, a bit of a shakeout in the hedge fund industry. We'll see a lot of the less successful, weaker funds, going out of business. I don't think we've seen all the losses yet, so.