||"The World According to Stan Jonas"
"Hedge funds were terrifically leveraged. Guys like Moore Capital perhaps had $3 to $4 billion of hot money, at times leveraged 100 to 1. Michael Steinhardt had so many Canadian bonds that we thought he was going to have to file a 15D. 1994 was the first year in history when all global bond markets moved in the same direction and I don't think that's coincidental. When it came time to liquidate, it was just impossible. "