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The gaping black hole that's been this market since November continues, and today's big sell-off is no exception. In fact, we've been delving down into this black hole since June, and despite the best efforts of central banks around the globe to stem the decline, the deluge isn't over yet.
It's no secret 2008 has been one of the toughest years on record to make money in financial markets. Red hot hedge fund managers who boasted back-to-back annual gains of 50-60% percent in 2006 and 2007 have seen their portfolios halve over the past 12 months. Even the most sophisticated investment strategies on the planet, whether multi-strategy hedge funds or ultra-diversified university endowments, are feeling the pain of the relentless downturn in global financial markets.
The market is once again back into freefall mode after a brief flurry to the upside in the final week of October. So far, November hasn't been one to remember for most stock investors.
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