Shorting subprime hasn't produced huge net returns for everyone. Despite its big, and early, short bet on subprime lender Novastar Financial, which has finally imploded, Copper River was posting a loss this year of about 17% as of the end of October, on top of a decline of more than 9% in 2006.
Copper River performed well during the summer's swoon; it was up 11.4% in July. But by the end of October, it had fallen deep in the red and was underperforming its peers for the year. Black Bear offshore was up 10.62% through October, while Ursa