I think the hedge-fund industry has taken a reputational turn for the worse, this dog-eat-dog stuff. I'm not just talking about Herbalife or J. C. Penney, but in other situations where the media really focuses on whose long and who's short. I don't think it's a good thing for the industry.
I think a very good system in a world with a lot of passive investors is one in which there are at least a few entrepreneurial investors, prepared to say what they think, prepared to propose a change in management, change in strategy, change in cost structure, capital structure.
President Zardari came to power just as the global recession hit. He had to cobble together an unruly coalition, put up with a constant assault from a conservative supreme court who sought to undermine him at every term. This does not include dealing with Pakistani's omnipotent establishment and the menace of terrorism.