By now you've begun to notice a pattern in the news about hedge funds: Nobody is making money anymore, so managers are returning millions to disappointed investors. The latest to close is Eton Park Capital. But the decision by that fund's managers is hot on the heels of epic losses by previously high-flying funds. A few of the notables include Pershing Square Capital (run by activist investor Bill Ackman) and startling declines reported by John Paulson, the manager who famously bet against the housing market before it collapsed. There has been a lot of interesting analysis as...