Whatever else you might say about hedge funds, they are determinedly contrarian. What other industry would give a lifetime achievement award to someone responsible for the most infamous moment in its history?

This year's lifetime achievement award, published by hedge fund trade journal Alternative Investment News goes to John Meriwether, "who has dedicated more than 30 years to alternative investment strategies and is at the helm of JWM Partners... one of the pioneers of model-based investing... a great manager of traders".