White-lightning response is needed for US market

Hedge fund managers agree the US market favours stockpickers but some are predicting many years of trendless sideways movement and sharp bear rallies that only the most nimble manager will be able to exploit.

Julian Wheeler, principal manager of Gulf International Bank's Falcon US Long/Short Equity Fund, says the current US market still offers fundamental value despite S&P 500's price/earnings ratio of 30.3 still being above its long-term average.

The fund has a slight bias towards long positions