Cant turn on TV without hearing about the sub slime meltdown. A newly formed hedge fund in SoCal, Nov 2006, with $5 mm in assets is up 48% in June and 86% YTD with the stated objective of shorting credit default swaps on real estate asset backed securities. Funny thing is they use Bear Stearns as their prime broker! An example elite trading. Two guys who are going to have a line forming outside their office door with fund of funds analysts begging to take their capital.