As Countrywide Stock Stumbles, Hedge Funds Gasp, Grin

``On the long side, SRM Advisors, the Cayman Islands-based hedge fund run by former UBS trader Jon Wood, owns more than 47 million shares of Countrywide, or almost 8% of its outstanding shares. That's after SRM last month added more than 16 million shares to its position, mostly at prices below $6 per share. While SRM has bought most of its shares relatively low, it comes at a time when many SRM investors are trying to sell out of their stakes in the hedge fund on the secondary market. SRM has suffered steep losses of late. Wood did not return a call seeking comment.'' -- Whoo that sucks...