Paul Graham, Baring Asset Management

Every hedge fund manager has their own style and favoured market condition. Unfortunately these markets do not suit most despite the high levels of volatility. In such extreme markets investors do not act rationally, fundamentals do not work and the big macro calls dry up. Sentiment reigns supreme and markets are driven by fear of the unknown. The fact that seasoned hedge fund investors cannot agree on the severity of the situation only serves to intensify the problem. Regardless of your strateg