Institutional investors misjudged the liquidity needs of their alternative investment-heavy portfolios.  (WSJ.com)

Investors are turning their back on: mega-buyout firms, hedge funds and venture capital.  (FT.com, NYTimes.com, WSJ.com)

“I love hedge funds, but I am not a big fan of hedge fund indexes or FOFs.”  (World Beta)

Debt is the new equity, redux.  (Infectious Greed)

There are signs of improvement (and opportunities) in 2009.  (Dash of Insight)

Margin debt has “fallen precipitously.”  (TraderFeed)

“Buying a stake in a publicly traded company is deceptively easy.”  (Manual of Ideas)

Some recent mutual fund shareholder letters.  (Morningstar.com)

A bull market in Ponzi-like frauds.  (NakedShorts)

Estimates are that the financial sector has only recognized 50% of their losses.  The government will likely need to step in again.  (WSJ.com, NYTimes.com, Marginal Revolution, Baseline Scenario,

The Brits are joining in on the bailout game.  (Clusterstock)

The Swedes nationalized banks, why not us?  (Intefluidity, Market Movers, Curious Capitalist)

The drop in exports is a global phenomenon.  (Big Picture)

The layoff picture just keeps getting uglier.  (Mish)

An exodus from corporate boards to the Obama administration.  (The Big Money)

A CNBC show that doesn’t suck.  (Daily Options Report)

Are you curious what other bloggers are saying about Abnormal Returns? So are we. Feel free to check out a compilation of reviews.