Hedge funds in theory know how to make a buck when the markets go up, down and sideways. Collectively, their returns don't bear strong evidence of this alleged skill. But the theory of it all is persuasive enough. So you really have to applaud Kohlberg Kravis Roberts' move to buy up assets cheapened by the on-going credit crunch. According to Business Week Online, the KKR Strategic Capital Fund aims to raise up to $2.5 billion, about $1 billion of that from new investors. It has already launched a marketing drive. The bet here is that the credit crunch is merely a trading phenomena, nothing fundamental about it. There will likely be opportunities. The key will be to pick the right securities. Which may not be a snap.  

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