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California isn’t the only thing that’s burning: hedge funds invested in PG&E are slowly watching their cash go up in smoke. Investors in the company lost roughly $4.1 billion in the four days after the current blaze in Sonoma County broke out on October 23, according to the Wall Street Journal. Shares rebounded late last week but are still about 85 percent lower than their 52-week highs, poking around the mid-single digits while hedge funds and equity investors try to analyze numerous bankruptcy outcomes that the company…