Hedge fund managers have two “unappetizing” choices in today’s market environment, Dmitry Balyasny, Managing Partner and Chief Investment Officer of the $12.1 billion hedge fund that bears his name wrote in the fund’s first quarter letter to investors reviewed by ValueWalk. They can slim down and focus on a niche strategy or, like Amazon.com, bulk up and build a diverse business. Balyasny Asset Management, from one perspective, appears to have chosen components of both strategies. Balyasny looks to Amazon for the hedge fund future, but will institutional investors give hedge funds the same latitude they have afforded Amazon’s Jeff Bezos? Balyasny...