A number of ex-college mates who are engineers, accountants, sales managers,etc. asked me if I could trade for them since they have no time to monitor their trades and could only invest long term in mutual funds/ETFs/Bank Structured products(which included subprime CDOs). Some proposed a 40%:40% scheme, meaning at the end of a period (3 mths or 1 year), I take 40% of the net profit or compensate 40% of the loss if it is a net loss. A trader/gambler I met, after hearing this, straight away told me it's a fantastic deal...I ask why? "Just tell them you lost everthing and you get to keep 60% of whatever they gave you" So ... did these Billions dollar funds really lose that much? How transparent are they?