The European Divergence Fund

Between 2009 and 2011 the euro went from 120 to 150. I was like what the hell is going on? Am I getting my face ripped off over here being short the euro? The fund ended up making fine because we made lots of money on the credit default swaps but we also lost a bunch on the euro. China decided to basically open a bond market in 2011. I saw this as a huge opportunity for our firm. Through the past 10 years everybody was telling you the remin B is going to collapse, can’t invest in China, can't invest in Chinese bonds and it was the best performing market. And so one of the things I learned is especially when it comes to

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