If an individual invested in the Dow Jones Industrials Index from 1 November to 30 April every year from 1949 to 2010 – the ‘winter season’ – and held cash in their account for the remainder of each year, he would have recorded a gain of 6688%, before tax.
Europe’s private banks rushed at every exit available to withdraw from hedge funds in the crunch, redeeming directly from portfolios, selling funds of hedge funds, draining bank platforms and offloading stakes privately.
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