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Currency ETFs at their most basic are directional bets on the value of a currency.
FORBES: Trade Currencies Like Soros
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Even projects normally hyped as sure bets for adding value generate surprisingly weak gains, NAR reports.
FORBES
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Although the practice was not prohibited, it created a massive market for gambling on companies' credit worthiness without limiting those bets to the value of the underlying obligations.
FORBES: Intelligent Investing Briefing Book