The advantage for the hedge funds in the mortgage market lay in the inefficiency of that market and the lack of such fiercecompetition as existed in the much larger universe of macro hedge funds.
In 2008, faced with a sagging U.S. economy and fierce international competition from South American rose growers, Pinchbeck found himself priced out ofthemarket.
The majors can't raise prices at retail because offiercecompetition from independent discounters who can get all the supplies they want in a spot market awash in the stuff.
The April issue of Outside magazine has an excellent article by Mike Kessler about the increasingly fiercecompetition in the waterproof, breathable fabrics market.