The fall of Fortress

Fortress Investment Group, which dazzled Wall Street with its IPO last year, has become the latest alternative investment firm to stumble. Fortress's biggest hedge fund, Drawbridge Global, is certainly shrinking. It will have about $3.7 billion in assets as of Jan. 1, compared to the $8 billion three months earlier. Like so many others, it has been forced to suspend redemptions. The stock is down nearly 90 percent over the last year and trades at under $2 a share. Given that it managed to go public, Fortress is now something of an indicator for the entire industry. The New York Times says there is some gallows humor circling the industry, about Fortress taking itself private again. You do have to wonder if it regrets going public.

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