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March 7, 2008
Pavlov's Hedge Fund Managers
Quote du jour is this Pavlov-ian entry from a London hedge fund manager quoted in the FT today:
“Every time you buy anything it is worth less the next day,” said one London credit hedge fund manager. “Eventually you stop buying.”
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That works in the opposite direction too: when market steadily grows -- people are developing reflex to buy. Hence the waves stock prices.