Amaranth, a $6+ billion multi-strategy hedge fund, shocked the hedge fund community in September 2006 when it announced that it had lost over 50% for the month. The losses sprang from trading in natural gas futures. The impact was significant to the hedge fund of funds community, with a number of well known funds holding sizable allocations to the hedge fund manager. This paper explores what transpired at Amaranth leading up to the losses, the response from funds of funds holding Amaranth, and a summary of things investors should examine when making future fund of funds allocations.