For the sin of greed in January 2015 I gulled myself into investing in a managed portfolio that had gained 50% in the previous 12 months.

Not quite a long-short hedge fund, although it did have the facility via its in-house equity derivatives to hold short positions, it relied on varying degrees of gearing on 20 individual stocks to pump up returns on the long side. Driven by an active momentum strategy, the fund’s hapless stewards entered the year positioned for disaster.

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