He neither names the source nor links to it, in this case a Bloomberg story.
In our own code of ethics we usually go so far as to hat tip a referrer merely because we didn't see a story first on one of the feedreaders and terminals.
Credit where credit is due and all that if an idea, and especially words, aren't original to us.
The popular trade to bet against the Chinese currency has gone awry, laying waste to scores of hedge funds who bet against the command economy. There was nothing short of tumult about a month ago, as capital fled the country at a record pace, forcing the government to use its forex reserves to defend the currency.Here's the Bloomberg story, "China Burns Hedge Funds as $562 Million Yuan Bet Turns Worthless"
Over the past month, they’ve been largely successful in reversing the trend, sending the yuan to 4 month highs. The net result, for hedge funds like Pershing Square?
Hundreds of millions in losses.
Seven months after a shock devaluation spurred hedge funds and other speculators to wager on further declines, the yuan’s unexpected resilience has turned many of those bets into losers. At least $562 million of options that pay out if the currency drops below 6.6 per dollar — its weakest point since the devaluation — have expired worthless since August. Another $807 million will lapse within three months.
While those figures provide just a glimpse into the potential losses for pessimistic speculators, what’s clear is that the Chinese government has proven a stronger adversary than many traders anticipated....
The Fly does give good headlines though.
Montreux/smoke on the water ref