Winners For a Few Hedgies, Wedgies For Others

How does a 240% return strike you? Making the right bets on the subprime mess has helped a few hedge funds look awesome, according to this report from Alphaville.

Making the wrong bets, alas, has been causing hedgies headaches around the world, as Reuters reports here.

That didn't stop a whole herd of hedgies from gathering at the Wynn Las Vegas Resort recently. You can read all about it in the Time report, Hedge Fund Confidential.

Chocoholic postscript
Circa 1920, before my father gave up half ownership of a Stutz Bearcat for marriage, he enjoyed a brief career on Wall Street. Something about cocoa. He'd be gratified to know that at least one hedgie says cocoa is again a hot commodity:

"[D]emand continues to be strong across the board, along with new demand for dark chocolate because of the health benefits of flavanols. Dark-chocolate sales in Britain alone are up 25% this year."