USDJPY 77.50 would certainly elicit some pain in LB's portfolio.

USDJPY, max pain? Hmm, 77.50 would certainly elicit some pain in LB's portfolio. That would get us to SPX 1250 (and associated post-tsunami Nikkei levels), one imagines

 

less money for hedge fund ptflios, most of them in usd, exchange rate loss

 

 

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