Yes I have considered the possibility of the credit crunch hurting hedge fund operations, and that is a good point. Just wanted to post something I heard on Bloomberg yesterday.
They reported that as a whole, all hedge fund operations in the U.S. are operating at a COMBINED -1% while all other operations are a dismall -10% or more.
This is not to say that NIR is not having problems, just thought that it was interesting to hear that hedge funds are doing very well through this financial crisis.