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Hedge funds punished by PG&E trade as California burns

Investors in stocks and bonds at PG&E, a California utility, lose $4.1bn in four trading days

The Kincade Fire blazing north of San Francisco is wreaking havoc thousands of miles away: on Wall Street.

Investors in Pacific Gas & Electric Corporation stocks and bonds lost about $4.1bn in the four trading days after the blaze in Sonoma County, California, started late on October 23, according to an analysis by The Wall Street Journal.

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