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Jim Grant, the editor of Grant's Interest Rate Observer, was once asked about leveraging. "It is possible to lose much more than you invested if you have borrowed against it and levered it, as Long-Term Capital did," he remarked. "This is something only the very rich can do. You know, it reminds me of this three-hundred-million-dollar hedge fund in Tokyo that blew up a few weeks ago. Its name is Eifuku, which supposedly means 'good fortune,' but if you spell it out phonetically, what you see is something else."
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