For a brief moment, it looked like the coronavirus and its associated market, uh, let’s go with “volatility,” might be just the thing hedge funds have been looking for, oh, a decade-plus. There was giddiness. There were some positive early signs. Things looked good, as long as we kept Steve Cohen safe. Alas, like other early optimistic outlooks, this one has not aged well. Ray Dalio is in self-quarantine. The first hedge fund fatality was reported. Bill Ackman caused the stock market to (continue to) collapse.