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Enron
Acquired
The Tide Goes Out - Is That a Howard Marks Coil?
The Enron stock starts falling from the all-time high in the fall of the previous year, just above $90 a share, falls down into the 40s. It's lost over half its value. This is after this when news and speculation about the California power market manipulation starts coming out. And PG&E files for chapter 11 bankruptcy in April of 2001, too. So things are starting to burst. That's affecting the market. When the tide goes out, you see who's swimming without their swimming trunks on.
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