Viking flat while Kingdon surges


The huge bounce in the U.S. stock market, especially in the latter part of 2003, failed to translate into winning returns for all equity players. Sadly, this was the case for Andreas Halvorsen's Viking Global Investors, which was down by about 1.1% on the year for the offshore fund. That's a big disappointment in a year when the Dow rallied in excess of 25%.

Industry insiders say that rather than lead a raiding party to exploit opportunities arising from forward market momentum, Halvorsen erred on the bearish side and lost big on short bets, a theory advanced by the