In the coming era of normalisation, success is likely to be enjoyed by those who can correctly identify and trade areas of under and overvaluation, writes Julian Howard, who believes three such opportunities stand out today
Those among us of a certain age may well recall the Pet Shop Boys' 1986 hit ‘Opportunities', in which Neil Tennant exhorted the listener to join him in making "lots of money". But for the most talented stars of the investment industry, this dream has become elusive of late. Witness the recent performance of hedge funds, with the HFR Global Hedge Fund Index in US dollars delivering precisely 0.0% in the 12 months to 2 October 2018. Unsurprisingly, inflows into the hedge fund sector are subdued and the number of new hedge funds setting up shop has dwindled. Part of the challenge has bee...
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