The Secretive World of Hedge Funds

The 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