Investors returned to the hedge fund industry with net positive flows to start the second half of the year. So, all is well, right? Unfortunately, no. A well-below average proportion of funds have received inflows for a second consecutive month, and the most favored strategy of the first half of the year, macro, produced asset-weighted losses in-line with above average losses seen in February, which sets up a testy second half of 2018. Get the entire 10-part series on Timeless Reading in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.