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Meh, he shorted the market too long. Yeah it's not going to work forever and you have to start worrying about bail outs. Also he shouldn't be risking too much of his client's money doing that anyway, so if he lost a ton it's mostly his own fault as it goes against most investment practices to be putting large percentages of people's portfolios into those classes unless you're only dealing with agressive growth clients.
There is a whole other type of investor pissed at this guy for shorting and making money from their misery and so on it goes.
The market isn't as much of a crapshoot as you think it is. I made some of my best purchases in March '09.
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