Part I looks at the history and industry trends of hedge funds as I know it. Part II looks at whether currently successful hedge fund strategies are replicable.
Seven years after my exit from the industry I still get asked the same question!
If you can generate alpha... or a lot of levered beta... or aggregate a lot of AUM then the answer is yes.
Yes it does seem that the Hedge in Hedge Fund was silent at times or at least optional.
Thought provoking as usual, thanks for sharing Russell.
I think what you've written just highlights the perpetually cyclical nature of capital markets. "This time it's different" is always the most dangerous phrase.
Essentially a "winning strategy" works until a reversal in a major market index (Nikkei, NASDAQ, S&P500 etc...)
So the question is that - what survived the rout of 2021-2? What "held up" between Oct 2021 - Dec 2022 has a high likelihood of being the next "winning trade".