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Cuban pulls bet on hedge fund
09:20 AM CST on Sunday, December 4, 2005
Dallas Mavericks owner Mark Cuban has decided not to open a hedge fund
that bets on sporting events after all.
"Some other people took the idea and ran with," he said in an e-mail.
"That was fine by me because I didn't have time to deal with it."
The goal of the fund was to prove that the stock market was "more Ponzi
scheme than efficient markets," Mr. Cuban said when he announced the
fund about a year ago.
At the time, he complained that sports teams released more information
than publicly traded companies. Gamblers, he said, have more information
than investors. Now he says he doesn't know who took his idea and
"doesn't care."Will Deener
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