From the WSJ's Deal journal blog:
Investors may do well by taking Citadel’s investment in E*Trade as a sign the worst of the mortgage market turmoil is behind us.I believe I will appropriate the term "hearty returns" for the balance of the holiday season. It will supercede "jolly returns", my current fav.
The Chicago hedge fund and its thirtysomething billionaire chief, Ken Griffin (left), have had the kind of performance this year that makes the enormous fees they charge their investors seem like a bargain. According to this story last week in the Chicago Tribune, Citadel has notched a 27% return this year, even as one august financial institution after another has been brought to its knees by the credit crisis.
...The hearty returns point out a surprising feature of the volatility that has enveloped financial markets for five months.