Zhao Zhong told reporters that the benefit of good company gathered now benefit the good

As macro hedging strategies for the legendary GeorgeSudden boom is not likely in a move investors Gospel: hold stocks saved! From 1949, AlfredPeriod.　　Meanwhile, hedge fund managers are using stock too many policies, maintains a very high level of privacy and performance.　　In the 1980 of the 20th century, guided by Soros swtor power leveling, hedge fund industry breakthrough single equity long empty policy, currency and commodity etc assets expanded, gradually entering adolescence. Global macro strategies Fund Manager isn't really care about theirAfter hedging assets, they focused on more leveraged trading, directional bets, and thereby to maximise profits. At this time, other investors want to look for more and secure your profits through market-neutral, so relative value arbitrage strategy came into being. In the late 1980 of the 20th century, the global hedge fund has reached more than 200 companies。　　Analysts expect when adopting a global macro strategy Fund of approximately US $ 20 billion in assets under management, of the total hedge fund assets 70%. In the 1990 of the 20th century, known as hedge funds during the transition from adolescence to adulthood. During this period, a series of change in the hedge fund industry. First of all, distinguish between stocks and bonds started, Each become independent industry and, secondly the old republic power leveling, extend hedge fund investment to adopt any investment strategy, every corner of the trading range all over the world. Some industry Fund began to share too many policies and global macro strategies in emerging markets for new opportunities.　　In addition, quantitative trading begins first of its kind. Growth accompanied by severe pain, such as long term capital managementSecretary (LTCM) collapsed in 1998, a large group of hedge funds suffer huge losses. But this period hedge fund assets have increased 19 times over 10 earlier times, total size to 400 billion dollars.　　Macro hedge funds, and take the assets still accounts for half of an industry-wide. 2000 ~2002 years, caused by the Internet bubble burstMake markets enter bear market cycle, and hedge funds have also begun hiding out, preparing for the transition to the mature stage.　　After 2002, the hedge fund industry once again into the alarming increase in stages. But then, macro hedge fund assets under management before it starts in decline, there is not even a one-fourth, while other policies have sprung up to develop and grow.Statistics show that between 1990-2007, total return 14% of the hedge fund industry. Five primary strategies under the current view is more popular, global hedge fund investment strategies can be mainly divided into five main categories, including stock too many policies, global macro strategies, event-driven, relative value arbitrage (stock marketNeutral) as well as convertible arbitrage.　　Since the beginning of the financial crisis, which several strategies of investment income form a mirrored situation. Switzerland Credit/Tremont Hedge Fund data shows that in 2008 represent the worst strategy is market neutral strategy/year, decreased by 40.3%, represent second difference the convertible arbitrage strategy。 And for the same period, doing relatively well is a special short equity fund. But beginning in March 2009, as the market under the dual stimulation of economic recovery and the dollar rebounded strongly, convertible arbitrage is the most light 2009 investment policy. In contrast, specifically short hedge funds are reduced to 2009 worst policy.Convertible bond arbitrage between the basic strategy is to capture company convertible bonds and stock price deviations. The short term, when the price of the convertible bond was undervalued when borrowing and short selling of stocks while buying convertible bonds, rapid return of convertible bonds into shares, thereby reaping spreads. In addition, you can hold for a long time the convertible bond, convertible bond volatility than stocks of small features, at the right time to equity。　　In 2009 with the promotion of confidence in the credit markets, the strategy be in vogue for a time. Convertible bond arbitrage Fund Gabree is the typical representative figure of the capital (Jabre Capital Partners), founder of Philips70% profit. However, since the beginning of this year, the situation has undergone large changes.　　Switzerland Credit/Tremont Hedge Fund performance index showed that as at October 31, event-driven down 12.4%, for all policies in the worst performing Fund. Other so-called "event-driven fund" mainly focused acquisitions, IPO/bankruptcy and other specialEvents for the transaction. Paulson (PaulsonAdvantage Plus the first 9 months of this year net fell nearly 46.73%.　　According to Bloomberg News Agency reports, the Fund this year 8% per redemption. Now, other than those short hedge funds, investment income of equity long empty policy is not good enough, so far this year has dropped by 7.33%. JPMorgan Chase (JPMorGan) its equity long short Fund1-2010, class global macro hedge funds in addition to losses in 1994, with the remaining 19 years are positive returns, far more than p, basic Money losses this year. "Zhao explained that for any kind of policy, this year, have been very difficult. But for global macro strategies, the difficulty of making money based on policy interventions. Policies related to the ups and downs have beenThere, the policy has a lot of unforeseen things. Excessive human disruption caused a miscalculation.　　For some time before Switzerland's Central Bank intervention in the Swiss franc have caused a great impact. However, some macro hedge fund was able to make money in the market volatility. In charge of us $ 32 billion of its assets in the world's largest macro hedge fund blackHoward (Brevan Howard) recent global market turmoil a profit of nearly $ 1.5 billion, according to people close to the Fund, investment income derived from "bet on the global economic slowdown."　　Homogenization of serious? Hedge Fund after the financial crisis, in the view of a famous hedge fund manager, he appears in the hedge fund in the financialCrisis not seen before, that's the convergence of investment targets, which is contrary to the hedge funds pursue "personality" feature. Goldman Sachs Gao hua recently published a hedge fund study shows that by the end of the third quarter, hedge fund ten centralized position of stock are the Apple (Apple Inc.), Microsoft (MicrosofT), Google (Google Inc.), JPMorgan Chase (JPMorgan ChaseCo Systems Inc.), Yahoo (Yahoo! Inc.) And Wells Fargo (Wells FargoImpact fund positions 20 stocks with the highest intensity of 8 stocks are optional in consumer goods sector, consumer stocks to hedge fund industry with the highest configuration in the year. This phenomenon, Zhao Zhong told reporters that the benefit of good company gathered now benefit the good, the receipts are high in the industry-leading big business. From the perspective of the amount of that monetary easingReal gap is also widening enterprises. In this way the strong stronger and the weak weaker.　　So now comply with the business might hedge fund investment criteria are lower, so the investment targets are relatively small. In addition, Zhao also noted: "market focused on certain types of events is very high right now, things to do if a hedge fund manager is not mainstream, liquidity will be a problem,Therefore it is able to see quite clearly something more concrete. Think smart, maybe would have stepped on mines, like Schistosoma mansoni financial's crushing defeat for them. "