Defence the best form of attack for funds of funds

Funds of hedge funds are avoiding high-risk managers and seeking 'insurance strategies' in case America's indebted economy causes shocks to global markets in 2005.

Laurent Chevallier, chief investment officer of fund of fund manager Bucephale, said the firm is taking a defensive stance in the first half of 2005 at least.

Chevallier says America's Federal Reserve, concerned about long-term deflation rather than short-term inflation, has created a "liquidity bubble that (in the) short-term led to an

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