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The Wall Street Journal broke a story today on Sandelman Partners $3.2B hedge fund putting a freeze on withdrawals. I do not have edge on the this being fact or fiction - but that's not the point. The point is an industry one.

Obviously the banks are grabbing plenty of the headlines this morning. I would not underestimate the tail risk (on the US market in particular) associated with the hedge fund cycle rolling over.

There are way too many funds who do not understand how to make money in a down tape.

Liquidations and redemptions will be stories you'll hear about after they occur.

KM