Hedge funds: A little knowledge

A Who’s Who of billionaire hedge fund managers faced US lawmakers at hearings in Washington on Thursday. Congressmen quizzed John Paulson, George Soros and others about the systemic risks posed by their industry, and about issues such as improving transparency. They should, however, be wary of disclosure as an end in itself. Take the existing US regulatory requirement for investment firms to disclose their holdings of US stocks on a quarterly basis, with about six weeks delay. It’s tempting for...