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Bill Gross's 'Short of a Lifetime' Would Mean Armageddon
The trade that George Soros and Stanley Druckenmiller pulled off in 1992 by betting against the British pound -- and making $1 billion in the process -- has gained legendary status. So when Bill Gross, the world's best-known bond investor, tweeted yesterday from his current employer Janus Capital that betting against German government debt is the trade of a "lifetime," he reached for that bit of history to benchmark the current opportunity: Overlooking the fact that he got the year wrong (we all make mistakes, right?), here's how the numbers would play out if he's correct. The bet that the U.K. couldn't keep ... (full story)
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