Who's Gaining from Volatility?

Felix Salmon submits: Most hedge funds had a hard time in July, losing twice as much money, on average, as someone invested in the S&P 500. It seems that a lot of people were rushing in to the short-financials trade, and got massively squeezed. At the same time, however, Jim Simons's Medallion fund was up 7% in July and up 48% in the first seven months of the year -- and that's after taking out its fees 5-and-44.Complete Story »