The first two months of the year turned out to be exceptional for many hedge funds, although a few which managed a positive return during the turbulent fourth quarter aren't having quite as good of a year. Carlson Capital's Black Diamond Arbitrage fund may be a strong example of slow-and-steady-wins-the-race. The fund's strategies have held up well over the years, which is good at times when almost the whole industry is down but may seem . . .

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