1) Hedge fund managers met for a social dinner where they likely discussed openly positioning themselves in trades that were already obvious, like shorting the euro. 2) While some see conspiracies in such meetings, the managers likely gathered for social reasons like school ties and charities, not to secretly coordinate trades. 3) The informational advantages managers have come from paying consultants with policymaker connections, not from conversing with each other about obvious trades already recognized as opportunities.