12 Comments

Seven years after my exit from the industry I still get asked the same question!

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If you can generate alpha... or a lot of levered beta... or aggregate a lot of AUM then the answer is yes.

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Yes it does seem that the Hedge in Hedge Fund was silent at times or at least optional.

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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".

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