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A dog nicknamed Loukanikos or 'Sausage' barks in front of Greek riot police in central Athens on December 8, 2010.Aris Messinis/AFP/Getty Images

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How did that happen?
Who would have thought you could lose money by betting against the euro zone?

Global macro funds aiming to profit from shifts in economic sentiment got clobbered in 2012, resulting in a second consecutive year of losses for investors, according to Hedge Fund Research.

However, the news isn't all bad. It's expected that mild gains in December should push the average hedge fund manager to a return of slightly more than 5 per cent for the year, compared to –5 per cent loss in 2011.

Asian M&A bankers stuck in 2012
It'll be a while before Asian bankers can look ahead to the New Year. Only 57 per cent of announced M&A activity (by volume) were actually completed in 2012, according to Dealogic.

RBC tops in stock sales
Royal Bank of Canada took the top spot for arranging stock sales in Canada last year, displacing Toronto-Dominion Bank  in the slowest year for equity financings since 2008.

Stories to watch in 2013
U.S.-Iranian nuclear negotiations. Western intervention in Syria. Conflict in the East China Sea. Life on Mars?

Here are some predictions for what to expect from the next 364 days, courtesy of the Financial Times.

Rise of the celebrity short-sellers
We have entered an era in which guys like Bill Ackman and Carson Block can devastate a company by merely mentioning their name.

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