“Brian,  . . .  what the hell is going on out there, rumour is you are getting even more rich!!!  . . .  according to the market you are brilliant!!!!!! Can do no wrong  . . .  ever!”

This breathless instant message, sent by a trader to Brian Hunter, top energy trader at Amaranth, encapsulates the astonishment in the markets last summer as the hedge fund was building up massive positions in the natural gas futures and swaps markets.