The Big Story
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U.K.'s Man Group saw its stock plunge 20% after the hedge fund said its asset base shrunk by 8.5% due to investor withdrawals. Hedge funds are the new mutual funds, plus the whole 2-and-20 thing. [Telegraph]If you think that's bad, HSBC does a stellar job of mapping out the bloodbath in hedge funds. Note that John Paulson has three funds that are among the worst performers this year. [Zero Hedge]Speaking of Paulson, it looks as though rival hedge funds smell blood in the water, selling off any positions they have in common with Paulson & Co. [Wall Street Journal]Quote of the Day"She was wrong, she is wrong, and she will be wrong," Alexandra Lebenthal of wealth management firm Lebenthal & Co. said of Meredith Whitney's call on municipal bonds. [Wall Street Journal]Company NewsAmazon's(AMZN) new Kindle Fire tablet is already getting panned before it's even unveiled. [The Atlantic Wire]It's a total coincidence that unusual option activity preceded an FBI raid on Florida financial firm Imperial Holdings(IFT). [CNBC]So how did hacker group Anonymous fare with its first research report that claimed Chinese agriculture company Chaodo Modern Agriculture was a fraud? [Zero Hedge]MarketsTim Geithner does not get enough credit as an evil genius. His latest Wile E. Coyote plot: Europe borrows more money using money it has already borrowed. [MarketWatch]Make no mistake about it: Euro TARP is defensive, not stimulative. Economic growth is still at risk. [Pragmatic Capitalism]Are we in store for another currency crisis as Russia's ruble falters? [Bloomberg]When you put it all together, the market should have crashed by now. [Castellano]Investment StrategyChipotle's(CMG) run is tiring out as hamburgers rise up against the burrito. [Dragonfly Capital]When thinking about putting cash to work, don't try to time the market bottom. [Upside Trader]Everyone, from traders and investors to banks and the government need to learn how to take the loss. [The Big Picture]Odds and EndsChris Christie has a very big to-do list each day. [The Reformed Broker]The importance of economic history. [Irish Economy]Music Wednesday: Was Frank Black speaking about currencies when he said he wanted to grow up to be a debaser? Perhaps this is Ben Bernanke's favorite song. (By the way, if you look very closely, you'll see yours truly somewhere in the front) .[].>To follow Robert Holmes on Twitter, go to http://twitter.com/RobTheStreet.>To submit a news tip, send an email to: tips@thestreet.com.
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