Bloomberg: "Loss at [$10 Billion] Goldman Hedge Fund Racks Duo at Secretive Global Alpha"

It's good reading. To be fair, as with any investment, any one year has limited importance. It's made really good money in years past, but it added "negative alpha" in 2006. If you're not familiar with the term, that's OK. The article gives you a good definition.

One quote: "... size could work against Global Alpha, as it has in the past against once-celebrated mutual funds such as Fidelity Magellan. `When you're the biggest in a particular style, it's tough to shift your portfolio without everybody knowing it,' [quoting David Hendler, a senior analyst at New York-based CreditSights Inc.] `There is the question of whether you can continue to perform at the same level.' ''

Bloomberg.com: News