Sears and Eddie Lampert, In Slow Decline Together

Hedge funds have been failing over the last year at the fastest rate since the financial crisis in 2008. Some crashed and burned after sudden reversals. Others quietly liquidated.

Then there's Edward S. Lampert's ESL Investments. It hasn't failed, but may be setting a benchmark for slow, painful declines thanks to its outsize, long-term bet on two venerable retailers, Sears and Kmart.