Hedge Fund Managers 'Funereal' in Midst of Crisis (Alistair Barr)

More pain expected, but some look for opportunities in 'rubble'

8:32 p.m. EST Nov. 7, 2008 SAN FRANCISCO (MarketWatch) -- In the midst of the worst financial crisis since the Great Depression, several top hedge fund managers sent a grim message to their investors in October: it isn't over.{xtypo_quote_right} Steve Galbraith, a partner at Lee Ainslie's Maverick Capital, read about 25 letters other hedge funds sent to their investors in October. "The tone of the discourse was funereal," he wrote in Maverick's own Oct. 9 letter to clients. "The global economy has already entered a grim recessionary period akin to those of the '90s and '80s rather than the shallow post tech bubble recession of 2001-2002." {/xtypo_quote_right}