Last trading day of a year that saw the many one way positions with lousy risk managers get trashed. Risky underwriting usually means putting up less to in the hope of getting more. Being positioned correctly entails adaptive management with enough margin to back illiquidity during volatility. So many of the higher profile hedge types became vulnerable to every trader's nightmare, large position no market. The damage has rippled across Wall Street as described in an article about the smart money community.
Tags SP500 1480.75 NQ100 2114.25 STI D
