In a future remake of "The Graduate," the phrase replacing "plastics" to be whispered in the ear of the title role is "hedge funds." That's where the action is. The number of such unregulated collections of capital has doubled in the last five years to 8,000. Managers make 20 percent of any profits, and if they bet wrong, simply close up the fund, distribute what's left and start a new one; the liquidation rate is about one-fourth every year. That's why so many of the hottest Wall Streeters are joining the stampede into managing these high-end mutual funds. Because hedge...
