Gem of the day

When times are up, the world's hedge fund billionaires are more than happy to tout the success of their bespoke approach [luck] to churning capital.

But when they're down...

"Mr. Paulson — the $5 billion manager in 2010 — failed to make the list this time. One of his largest funds lost more than 50 percent, after bets on the economic recovery soured. A spokesman for Paulson declined to comment." (via NY Times)

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