Hedge funds are always on the lookout for the next big short a phrase coined by Michael Lewis in his book, The Big Short, which details the exploits of a group of funds that made billions betting against the US sub-prime housing market in 2008/2009.
Last year, the favorite big short among funds was the Chinese yuan, a trade that has produced results but not the career making profits many managers were hoping for.
Now the industry has moved on to a different target, which once again focuses on overpriced debt.
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