Overgrown and full of deadwood
Every major correction seems to claim at least one big scalp from the hedge-fund world – usually some brash young manager with bundles of cash and not a lot of experience. But last October, it was a legend of the business, Victor Niederhoffer, who crumbled. With his funds already down almost 50% after he tried, and failed, to pick a bottom in Thai equities that August, Niederhoffer was wiped out when he was caught short S&P 500 puts during the US market fall just two months later.
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