If you’ve read anything about business in the last couple of months, and I’ll work under the assumption that almost all the readers of this blog have to avoid repeating all the sordid details, you know about the subprime mess. The basic story line goes like this: Irresponsible and unscrupulous bankers offered borrowers loans at [...]
… as long as you don’t mind losing everything every once in a while. The thought occurred to me as I read the profile of hedge fund manager Victor Niederhoffer in the New Yorker this week. As the profile was being written, Niederhoffer’s flagship hedge fund blew up. And this wasn’t the first time. Niederhoffer, [...]
