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Strategies & Market Trends : News Links and Chart Links

SPXL 213.39

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Nov 13 4:00 PM EST

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To: Jon K. who started this subject	4/16/2003 12:51:57 PM
From: Alex MG	of 29596

"In 7 Days, A Hedge Fund Lost All Value." The 'Ei-fuk-u' Master Fund The Eifuku Master Fund "took huge bets with borrowed money on a limited number of trades that went wrong." After recording a gain of 76% in 2002, the $300 million hedge fund lost everything in seven trading days. Its collapse snared "one of the savviest hedge-fund managers" today, George Soros, who reportedly had about $180 million dollars invested with the fund. Most of the bets were leverage plays on Japanese stocks. The Journal noted that the collapse of Eifuku "underscores just how thinly traded even the largest shares in the Tokyo stock market can be, making large, leveraged bets particularly treacherous." Maybe, but we prefer to think that the English enunciation of the fund's name stood as an unheeded warning. As the public finally loses faith in mutual funds, it is pushing on to these riskier vehicles in an effort to win back losses. Hedge funds now embody the urge to win it all back with a roll of the dice. elliottwave.com

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