If Ackman Has You Smelling Blood

Sharks smell blood. Hedge funds can be like sharks. It seems like yesterday when the sharks smelled my blood. I was flailing in the deep sea in October of 1998, a victim of an ill-timed opening to please one of our investors at a time when my numbers were quite poor. It was my worst year against the market, ever.

I had some big holdings, mostly banks, and it became obvious that the stocks were heavy, as we say, pretty much every day. I remember Karen Cramer coming to work and saying to me, "You know they are shooting against us." I said, "No, that's paranoia." She said, "In your dreams it's paranoia. Go speak to these traders off the desk."...759 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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