Hedge funds: Bulls are contrarians these days
There's plenty of reason to be gloomy about the markets and the economy. And there are plenty of super-bears making their case in public. The New York Times talks to three contrarians who are making long bets right now.
John Paulson, we've noted, has had a tough time in his flagship and other fund, but remains bullish on some financial services companies like Bank of America and JPMorgan Chase.
Bill Miller, whose 15-year winning streak against the S&P 500 came to an end recently, also remains a bull, betting on the likes of Citigroup.
Fixed-income hedge fund manager Michael Hintze talks to the Times about "what is commonly known in financial circles as an 'upcrash,' in which a market consumed with negativity finally realizes that things are not so bad."
Indeed, the hoary view on Wall Street is that a bullish or bearish consensus marks a sure sign of a big reversal coming. So, perhaps all the negativity suggests good news ahead.
For more:
- here's the article
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