Ramblings of a Portfolio Manager-
This is the second installment of Ramblings, a work in progress. We hope that you find it informative and feel free to contact us with any questions or insights.
HFR’s Hedge Fund Index for march was down. That means the the majority of funds were either in cash or net short. We believe that many fund managers are either praying for the market to pull back to the lows that they missed, which is looking more unlikely, or more probably take advantage of the dips as earnings disappoint. Alcoa, reports earnings Tuesday, has had a huge run off the bottom. We expect a horrible report but what really matters is the price action Wednesday after they report. This will determine whether we are right and may prove be the bellwether on how this next quarter shapes up.
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