A few reasons I could guess, Lots of hedge funds are commission based so if they lost money, they get nothing. With so much action in the market lately with s

A few reasons I could guess, Lots of hedge funds are commission based so if they lost money, they get nothing. With so much action in the market lately with such large swings, why not take some chances. Worst case you lose more, in which case it will effect you the same as liquidating would. Best case you make money. Plus I imagine many managers are like gambling addicts. They see a lot of possible good gambles and want to take a shot. All the better with the current risk/reward formula.