[nubbins]

For all the focus this article seems to put on "hedge" I can't imagine there are many hedge funds left that are really market direction neutral are there? With the performance of the SP500 being what it is in the past few years you'd have to think you have some wickedly smart strategy to match that without going net long. Plus almost all assets, even things that were supposed to be countercyclical have been trading together so when the market really dumps even gold and silver get sold, if only to provide liquidity to cover other positions.

[reducesuffering]

When the market really dumps, it's generally been quite temporary. All fundamental asset's have their time, cash's is just shorter and worse over time. If you think that's interesting, take it one step further and you have ultra cash: physical bills, not just bank IOU's and electricity. It has even a further niche time and even worse over time, 0% interest.

[valuearb]

Yea, the “hedge” part has seemed to have been lost to history long ago.

[MrMan]

Global macro did well last year i think but long short equity not, it's like an existential crisis.

[xadhominemx]

Exact opposite