The market's charge has brought the asset management business back to life--many hedge funds and mutual funds will make a killing again this year--but it has also created a major headache for fund managers.
Why?
Because in the fund management business, you get fired for missing rallies just as fast as you get fired for losing clients' money.
This "career risk" is causing fund managers to pile into the market even as valuations and history suggest a major correction may be looming.
Earlier this week, John Hussman of the Hussman Funds said he sees an 80% chance of a major market crash over the next year--a startling prediction for a fund manager who normally goes to great lengths to hedge his bets.
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2 comments:
Why should we care what John Hussman says? He's made in the same mold as Bernie Madoff.
It's all in the game....give me investments that I can touch, feel and control.
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