* David Ignatius: How hedge funds got it right on risk.
* PAI Partners’ investors reject the firm’s offer to cut the size of its latest buyout fund in half, basically saying that the offer isn’t good enough.
* Business school applications are still on the rise, but the rate of increase has flattened.
* 37signals founder Jason Friedman pokes fun at the hype over Twitter’s $1 billion valuation, announcing that his company is now valued in excess of $100 billion.
* Rachel Evans: How bondholders can improve their distressed positions.
* The Senate healthcare reform bill includes a new tax on medical device makers. Proponents say it will be more than balanced out by new customers (i.e., newly-insured folds using the devices), while opponents (mainly the med device makers) argue it will cause job and R&D cuts.
* PR pro Jeremy Toeman: “It’s not specifically the embargo process that needs work, it’s a broader approach to how we think about the ethics and responsibility people throughout the industry should employ. Whether it’s little blogs or huge outlets, PR firms or internal teams, everyone has a responsibility of playing by some system of rules.”