September proved to be very cruel for many hedge funds. October doesn't look to be much kinder. The New York Post notes that as of last week, the average hedge fund was down 8.4 percent for the month. That puts the industry on track to record the worst monthly performance for hedge funds ever by Hedge Fund Research. For the year, the average loss may well top 20 percent. Few funds have been spared. The Post reports JPMorgan Asset Management, the nation's largest hedge fund, lost $7 billion in assets since the start of July, bringing its new total to $41 billion. The firm's Highbridge Capital Management just announced layoffs of about 10 percent. Paulson & Co., on the other hand, is still faring well.

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