1.   But many hedge fund managers were betting on continued market declines and badly trailed the broader market.

2.   But many hedge fund managers were betting on continued market declines and, as a result, suffered losses as the market went up.

3.   In these kinds of funds, managers bet on macroeconomic trends such as interest rates and currency moves, often with lots of borrowed money.

4.   Managers are betting that the price of cotton will continue to fall as plenty of rain in west Texas ensures a healthy crop.

5.   Meantime, some fund managers are betting that European and Japanese rates are scraping bottom, and will rise in the months ahead as those economies rebound.

6.   Most managers have been betting the dollar will strengthen against the yen.

7.   One reason is that international fund managers had been betting on a strong increase in the euro.

8.   Other managers are betting on the same phenomenon.

9.   Some fund managers are betting mainland-backed companies may buy stakes in Hong Kong utilities, accelerating their expansion in China.

10.   Some top international money managers are betting that Asia will stage a comeback -- and European shares will continue to make money for the rest of the year.