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on the fate of the indebted union as the leaders responsible for keeping it afloat. The community of financiers, the so-called ‘masters of the universe’ considered able to make fortunes in all economic conditions, are no longer dictating markets but are nervously
eyeing trades which could win or lose on a politician’s whim. “It’s difficult to make a call on Europe. There are certainly some cheap valuations there but there is a lot of political risk which is very difficult, if not impossible, to forecast,” said Ian Prideaux, chief investment officer at Grosvenor Estates, hinting at the paralysis of many hedge funds. Once seen as decisive and quick-witted, the industry is starved of conviction, leaving investors to wonder what their high fees are paying for.Executives gathering in Monaco this week for an annual
get-together of the hedge fund industry, have talked much about where to invest their cash but a sense of uncharacteristic fear is palpable. Reflecting the uncertainty, delegates asked to predict the outlook for German Bunds – the instrument of choice for investors seeking a safe haven in the crisis – could not reach consensus on whether Germany was ripe for a short-selling raid.... Continue to read.
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