News flash. Top hedge fund managers earn a great deal of money. Jenny Anderson and Julie Creswell at the New York Times analyze a list of the highest earning hedge fund managers and how it is they earned their fees.

Felix Salmon at Market Movers on whether hedge funds are simply “misunderstood.”

All About Alpha on how hedge funds preference for liquidity can affect overall market efficiency.

Paul Kedrosky at Infectious Greed highlights Andy Kessler’s “…guiding principles of being a successful hedge fund manager.”

FT Alphaville on a what a handy hedge fund salary calculator tells about your career.

Goldman Sachs (GS) contributes $9 billion to its new $20 billion buyout fund. (via DealBook)

FT Alphaville notes the contents of the Financial Times special report on private equity.

Brett Arends at has an interesting case study in how one low-profile mutual fund has prospered far away from Wall Street.

Greg Newton at NakedShorts documents the turmoil at high profile trend-follower John W. Henry Co. Part two here.

Michael Mackenzie and Richard Beale at on “…plans to launch the world’s first exchange-traded contract founded on a broad-based bond index.”

Accrued Interest with an explanation of how credit default swaps (CDS) work.

Felix Salmon at Market Movers on the challenges facing smaller cap companies wishing to come public.

Barry Ritholtz at the Big Picture on the debate over how big an effect mortgage equity withdrawals (MEW) played in supporting consumer spending.

Jim Jubak at MSN Money on the metric Warren Buffett might have used to make an investment in the railroad industry.

CXO Advisory Group on research into the interaction between the liquidity effect and the value premium.

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