Spanner in the works
Do not get too comfortable. The global economy is by no means out of the woods yet. And hedge funds are facing one of their most challenging years, not in terms of ability to outperform, but to survive the vagaries and interference of politicians and regulators.
Some of the things that could throw a spanner in the works include too early/too high interest rate rises and quantitative easing, over-eager regulation that is ill thought-out and incoherent, the threat of sovereign default and another major banking crisis, this time in China.
First, interest rates. The eurozone may think it has made a soft landing out of recession but this could prove illusory. The recovery may be real and sustained. However, there are quite a few pressures on the zone that
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