What do home-owners and hedge funds have in common? Both are making leveraged bets on the value of an underlying asset.
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In previous letter, we had speculated about the investment of hedge funds in the energy market and whether that participation was driving oil prices artificially high.
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On May 19th, we wrote, “Stocks rallied into this afternoon’s close, which we believe marks the bottom of this particular pull back. Most likely we’ll be investing recent client deposits on Monday.”
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