. >> smith: ann oldfather is a louisville attorney who represented firefighters ina nsion-related lawsuithey decided, "we're not going too public, we're not going to say we need help. we're going to try to save our rears and this'll work." isn't that what the gambler always dreams? and so they start the beauty contest, and they have perhaps 15 hedge fund managers that they interview and meet with, and talk to, a whittle it down to the final three winners.on (car hornsng) >> smith: the winners were pacific alternative asset management company, or paamco, prisma capital partners, and blackston alternatset management.er each o krs so-called funds of funds-- umbrella vehicles that contain dozens ofun underlying hedge. with multiple layers of often dden fees, they are sometimes called black boxes. >> they're putting the together in these black boxes, s which theyo niftily named the henry clay fund, the daniel boone fund, and the newport colonel's fund. all, for your viewers that are outside of kentucky, famous names or eities here in kentucky. >> smith: today, hedge funds are deemed by many in