BusinessWeek – The biggest U.S. equity rally in seven decades is wiping out profits for stock-market bears who have yet to capitulate on bets against banks, retailers and casinos.
Hedge funds that profit from falling shares have seen 34 percent of their value evaporate since February 2009, according to Chicago-based Hedge Fund Research Inc. Zions Bancorp., Sears Holdings Corp. and Wynn Resorts Ltd., among the favorites of so- called short-sellers, caused the biggest losses as their shares more than tripled.
