That sweet reverie popped like a soap bubble as managers at small start-up funds realised that today's hedge funds need more than the spreadsheet that came installed on their PC to manage risk.

Microsoft Excel continues to amaze us and the fact that the latest version now supports one million cells says quite a lot about today's market. Whether you find the idea of those millions of cells impressive or frightening may be the personality test one should take when starting a fund.

These are scar

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