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Highfields Capital Management
Highfields Capital Management

The value-focused hedge fund unloaded all of its 2.4 million shares in Bear Stearns at the end of 2007, a trade worth $315.8 million if sold at the fourth-quarter high of $131.58 a share. Surely the fund's investors - university endowments like Harvard, wealthy families, and charities - were relieved. Had Highfields held onto the stock it would be worth a mere $24 million.

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Last updated March 27 2008: 11:01 AM ET

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