Inside a hedge fund disaster

What to make of Ospraie's Dwight Anderson? He built a $9 billion commodities hedge fund that stumbled badly this summer. Anderson seemed to have done everything right. Fortune notes his passion for understanding business, even working on factory floors. He was equally passionate about due diligence. His list of mentors include Julian Robertson and Paul Tudor Jones, who set him up with his own commodity fund, Ospraie--in which, some big-name investment banks invested. In September, Ospraie announced it was closing its main fund, which was down nearly 40 percent by the end of August. Anderson can take comfort in the fact that he's not alone.

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