We've noted that some hedge funds have fared very well by betting against asset-backed securities. None more so that Lahde Capital, founded in Santa Monica last year by Andrew Lahde. The Financial Times notes he has pulled off a rare coup: he has generated a single-year return so far of more than 1,000 percent. Shorting subprime has been good to other hedge funds, notably Paulson & Co., but this is ridiculous. Wisely, Lahde Capital has been returning money to investors noting that such returns are not likely to be repeated. However, he is convinced that bearish bets against bonds backed by commercial property will pay off. The firm is launching several funds that will short the credit markets somehow. My bet is that he'll have no problem finding investors, all with high expectations. Careful.   

For more:
- here's the Financial Times article