In general, most trades are a wash, not a huge up or down swing. It's the big events, like betting against the dotcom crash, betting against enron, etc, which m

In general, most trades are a wash, not a huge up or down swing. It's the big events, like betting against the dotcom crash, betting against enron, etc, which make or break this size fund. Those are the 9 or 10 events I'm talking about. These people are probably rarely betting on something more than 1:10 odds. But for those huge cases, they were probably getting 1:100 or 1:1000. Those are the ones it is so important to be on the right side of, and dampen quite a bit of suboptimal whatever in the meanwhile. He quite specifically bet against the housing and dotcom boom as mentioned in the article, therefore shows to be betting most importantly on those 1:1000 events.