Summary
Since the last stock market collapse, in April 2000, hedge funds have become far more central to the financial system: one of their main tactics is "leverage" borrowing huge sums in order to amplify their return on investment.
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Waiting for the Crash
When the world's powerful people gathered amid the snows of Davos in late January, there was a tangible warm glow being given off by the economic cycle. "The message was: it's going to be good in 2007 and not bad in 2008," say s Mark Spelma...
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