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Realities of the Present

An article from today's Bloomberg.com highlights the success of some hedge funds during this year's market downturn while many other funds were faltering. One manager commented on strategies that worked including: "We were doing things differently than other people,'' Kelly said. His fund has made short sales in commodities and didn't short financial companies, in contrast to much of the industry, he said. Short sellers aim to profit when stocks fall, selling borrowed shares in the hope of buying them back later at a lower price. ``There are a lot of other companies that are finding life difficult at the moment,'' Kelly said. ``Our long positions are defensive companies that didn't get carried away and borrow too much money, and the short side includes several that did.''

This much is clear, that you will succeed with foresight, not as to the specifics of the future, but with attention to the details of the realities of the present

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