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The Secretive World of Hedge Funds24:42
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photoThe new frontier of the super rich where millionaires line up for a chance to get past the red rope are the hedge funds. The big players such as AQR, Eton Park, Rennaissance and Och-Ziff are little known outside of elite circles but within their walls, giant bets are made for outsized returns.

Roughly 8,000 hedge funds control $1 trillion dollars, up $200 million from just a year ago, and they control the money with very little oversight. Their strategies vary widely. Some use sophisticated software programs to buy under-priced stocks. Others watch world markets and bet against entire economics.

Hear a discussion on the highly secretive world of hedge funds.

Guests:

Joe Nocera, business columnist for the New York Times, staff writer and author of the article "The Quantitative, Data-based Risk Massaging Road to Riches" in this week's New York Times Magazine, former editorial director at Fortune Magazine.

Gregory Zuckerman, he covers hedge funds for the Wall Street Journal

This program aired on June 6, 2005.

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