The money making strategies of hedge funds come in a variety of guises, most of them baffling to outsiders. None is as mystifying as "tape reading", whose practitioners use the movement of market prices to gauge where a particular stock is heading, even while knowing nothing of the underlying company. An undoubted master of the art, Steven Cohen, has become a figurehead of the hedge-fund industry, using his savvy with stocks to propel his fund, sac Capital, to be one of the world's most successful.
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