Benjamin Kozinn points to a confluence of issues present in a cracked economy which led to the 2008 global financial crisis in an interview with the Hedge Fund Law Report. In the first of a two-part series, Kozinn provides an insider’s assessment of the crisis—the causes, the role that hedge funds played, and the regulatory changes in its aftermath (including passage of the Dodd-Frank Act)—and the new focus on counterparty risk. Kozinn also provides insight into the evolution of hedge fund managers as a result of the crisis and the issues behind increased levels of scrutiny. In part two of the series, Kozinn discusses the growing importance of chief compliance and chief operating officers since 2008, growing institutionalization and scrutiny of the hedge fund business, and factors behind a 2018 decrease in fund launches. In addition, Kozinn looks at the state of financial regulation and why the next downturn will reinvigorate hedge funds and spur a search for fresh talent.