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Hedge Fund Manager Tepper Tells You His Secret: Follow the Government

Wall Street Heroes: Great Men—or Just Greatly Compensated Men? (WSJ) The headline says it all: Great piece.

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The Fed Board: Hawks, Doves, and the Guys in between (FT Alphaville) The Financial Times Alphaville analyzes the current—and future ideological—composition of the Federal Reserve Board of Governors.

Hedge Fund Manager Tepper tells you His Secret: Follow the Government (NY Times DealBook) For example: How did David Tepper get a 132 percent return on his portfolio last year? He just jumped behind the federal government and bought bank stocks — after the government published plans to support the financial sector."'It was easy,' Mr. Tepper said in the interview. 'The government told you what they were going to do.'" Some might argue that merely following the government's lead makes Tepper sound less brilliant: I would argue exactly the opposite.

Gold, Dollar, and Commodities Rise on a Witches Brew of Worries (CNBC.com) What caused gold, the greenback, and various commodities to jump in price today? Take your pick from a cavalcade of all the top hits: eruozone sovereign debt fears, inflation, the threat of a currency war…

Death of a Search Engine: Diller Abandons Ask.com (Business Week) Barry Diller seems to have reconciled himself to the inevitable: He isn't going to beat Google in the search space. RIP, Ask.com.

Bond Prices Down Again (Bloomberg) "Treasuries fell, with the yield on 30-year bonds rising to the highest level in five months, after the government’s sale of $24 billion in 10-year notes drew the lowest demand since February."

Goldman Fined $650K for not Disclosing SEC Investigation (Bloomberg) "Goldman Sachs Group Inc. will pay $650,000 to resolve a brokerage regulator’s claim that the company failed to disclose that trader Fabrice Tourre and another employee were facing a U.S. Securities and Exchange Commission probe. "