The Best Business Longreads for the Week of July 13, 2013

From the decline of hedge funds to the future of the British banking system, The Daily Beast brings you the best in business and finance journalism from the week of July 13, 2013.

07.14.13 8:45 AM ET

Hedge Funds Are for Suckers
Sheelah Kolhatkar, Bloomberg Business Week

Hedge funds have been feted for their decades-long ability to make obscene amounts of money beating the market. But the real story of the past few years has been the steady decline of the once-vaunted investment vehicles for the rich.

Let’s Consider Kate: Can We Tame the Banks?
John Lanchester – London Review of Books

Mired in scandal and legal issues, yet worth nearly five times the national GDP, the British banking system presents a daunting task for the new governor of the Bank of England, Mark Carney.

Banned in 1949 by Chairman Mao, golf in China has been playing catch-up for the past few decades. Now, some portions of the Chinese population have set their gaze upon dominating the popular sport.

In a The Wire-esque takedown, Robert Samuels dives deep into the tragic broken promises of the capital city’s prosperity to deliver hope to its lower income population.

Citi’s World of Promise
Sandra Ward – Barron’s

With a new crew at the top -- former Marine Michael O’Neill as chairman of the board and CEO Michael Corbat -- Citigroup has performed incredibly well since a year ago.  Should things go according to plan – the bank’s recovery could just be getting started.