If knowledge is power, a 43-year-old science fiction aficionado named Steve Kuhn, who started his career two decades ago in a backwater job trading paper for Cargill's mortgage operation, is the new king of Wall Street. Kuhn's $3.6 billion Pine River Fixed Income hedge fund, based in the tony Minneapolis suburb of Minnetonka, had one of its best years ever last year, returning 35% to investors, net of fees. And he did it by brilliantly executing thousands of complicated trades in the very assets that were tarred as toxic in the 2008 financial crisis: subprime mortgage-backed securities.
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