Top 2008 hedge funds keep up a hot pace in 2009

First the good news: Let's say your hedge fund is up 50% this year. Now the bad news: That same fund was down 25% in 2008. As an investor you are pretty much back to where you started. The fund manager isn't euphoric either, as that accounts for two years with no performance fees. The hedge funds we like best this year are those that have recorded consolidated two-year growth. The top five in that category for the 2008/2009 period are, according to Eurekahedge: 1. Phalanx Japan Aus…