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November 7, 2007

Blank Fear in the Markets

In talking to a few hedge fund managers today, it's interesting how many of them were really unsettled by the market action today. One of them used the expression "blank fear" to describe how he felt, the sense that things were awful, could get worse, and that he didn't yet see the other side. This was definitely one of those days that marks a pivot point, one way or the other.

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