This is from my friend Hugh Hendry, a rather interesting and iconoclastic hedge fund manager in London. A VERY fascinating guy, and one of his more interesting traits is that he pulls no punches. He has been rather bearish but recently changed his stripes, which caught my attention. But, being Hugh, he did it in a very bearish manner. This, then, is a very thought-provoking piece on the travails of trying to manage money in an upside world. I strongly suggest you read this.