Pursuits
The Big Long: Making a Killing in Market Everyone Left for Dead
- Former HBOS traders made as much as 800% on asset-backed bonds
- Pair bought bonds shunned after subprime crisis spread to U.K.
The Investors Who Made a Killing in a Forgotten Market
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First came the big short. Then, for Milan Patel, came the big long.
With the financial crisis raging in January 2009, Patel and a handful of colleagues hit upon the trade of their life: They would put up their own money to buy the complex securities that everyone else was dumping.