Roger Lowenstein on hedge funds

Seeking Alpha and MoneyScience.org point out a great article on Hedge Funds by Roger Lowenstein (yes, the author of When Genius Fails etc).
Very interesting....I would comment on it, but seeking Alpha already has so I will link to those comments:
Seeking Alpha: Roger Lowenstein on hedge funds

a quick quote:
"It's a good time to be a financial-disaster writer. Disasters abound, and even when