Since the start of 2008, events in financial markets seem to have become more alarming almost by the day. First we had the unbelievably rapid implosion of the $2 billion Peloton ABS fund, the biggest hedge fund failure we have yet seen outside the US. Then we had the even more stunning near-collapse of Bear Stearns – rescued at the 11th hour by JPMorgan. And then we had a dramatic rash of losses among funds that ply relative-value strategies in Japanese government bonds, such as the Endeavour Fund, which, after eight years among the most low-volatility players in the business, suddenly lost 27% in a matter of days.
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