Swanky resorts, expensive hotels, and even more expensive cars – the familiar trappings of the vast wealth controlled by the thousand-plus delegates descending on Miami this week for a trio of conferences known as ‘hedge fund week’ were on display.

There were plenty of smiles on show too, but a few of them will have been forced. While hedge funds claim to thrive on volatility, they have not escaped the recent market churn and amid the deal-making and back-slapping, nervous talk of losses abounded. Read more