The Futures Fund That Got Away

When his shares in IBM and Glaxo Holdings PLC tanked earlier this year, pro golfer James P. King thought he had found the perfect solution: cash in his stock portfolio and invest in a commodity fund that had been posting annual gains of 30% to 50%. His best friend, who had invested in the fund for years, swore by Lake States Inc. and its charismatic president, Thomas W. Collins.

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