Wall Street Roundup: Diving into the hedges. Einhorn’s risky bet.

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Gold: Trading now at $1,535 per ounce, up 0.7% from Thursday. Dow Jones industrial average: Trading now at 12,432.39, up 0.2% from Thursday.

Diving into the hedges. Pension funds are throwing money back into hedge funds, in part because the higher predicted returns allow the pensions to draw less money from state coffers.

Einhorn’s risky bet. David Einhorn, a savvy hedge fund investor best known for predicting the financial crisis, is now putting his money down on an investment in the New York Mets. At about the same time, he was at a conference speaking about his investment likes and dislikes, the latter of which included Microsoft.

From Alabama to Wall Street. Bloomberg takes a look at the paradox of Rep. Spencer Bachus, who represents an Alabama district that has been slammed by the financial crisis but who nonetheless has been one of Wall Street’s biggest defenders, and one of its biggest recipients of donations.

-- Nathaniel Popper