We've noted recently that some on Wall Street are gearing up for more hedge fund blow ups. There are some creaking funds to be sure. But for every loser, there's a winner. Hedge Fund Daily notes two. The Emil van Essen Spread Trading Program has returned 31 percent in January. That came after a 33 percent gain in 2007. It bet correctly concerning long-only commodity funds' position rollovers. Also faring well: Clarium rose 40 percent in 2007 and rose another 24 percent in January. It bet correctly that U.S. equities would drop and that overseas currencies would rise against the dollar. So we're seeing some big divergence in hedge fund performance this year. No wonder funds of funds are raking in some much money these days. It makes sense to diversify a bit.  

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