(Bloomberg) -- It was January 2011, and markets were rallying around the globe, driven by optimism that the U.S. and European economies were on the rebound. One rising stock was Janus Capital Group Inc., the Denver-based asset management firm.

Investors were betting that Janus, with its lineup of growth-oriented mutual funds, would benefit from the surge. JPMorgan Chase & Co. analyst Kenneth Worthington disagreed.

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