"You only find out who is swimming naked when the tide goes out."--Warren Buffett
And you thought the hedge fund gunslingers were the problem.
Most investors would guess that bond mutual fund managers simply buy bonds and go home. The ones playing with fire--derivatives, leverage, swaps, and all that fancy stuff--were the hedge fund sharpies charging outrageous fees to exclusive clubs of multimillionaires, right? More than a few mutual fund managers shared that view.
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