They are not magicians. They are on the losing side of what turned out to be a few billions dollar bet (real money. Not notional). They usually profit from swi

They are not magicians. They are on the losing side of what turned out to be a few billions dollar bet (real money. Not notional). They usually profit from switching side quickly or making informed bets you can’t easily make - like shorting stocks. Except, they dug too deep this time. We’re seeing another LTCM meltdown in process, albeit smaller and so far more contained.