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Right now, there are some dudes over at the Crescent going, "What the hell did we just invest in again?"

Is This Why Leppert Was in China?

Crescent Court-based Maverick Capital -- which, says here, is "a $10 billion hedge fund" -- has gotten into the online video business. It's done sunk some $30 million into Youku, China's version of YouTube, though with slightly less "Chocolate Rain." Only problem is, the Chinese government isn't high on Youku -- hard to censor, dig? --Robert Wilonsky

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