A version of this story first appeared in CNN Business' Before the Bell newsletter. As spectacular gains triggered huge losses for hedge funds that bet the shares would fall, a David versus Goliath narrative took hold. Global hedge funds reporting data to Eurekahedge, a research group, saw returns of nearly 5% in the first quarter, roughly on par with the broader market. It was the best start to the year for hedge funds since 2006. Most hedge funds were up," Robert Sears, chief investment officer at Capital Generation Partners, told me.

Source: CNN April 18, 2021 12:22 UTC