Bridgewater Layoffs - Sign of Troubled Times for HFs?
With the biggest hedge fund laying off research analysts and 15 year vets, people think this is a harbinger for bad things to come regarding HF industry, in general?
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could be, could also just be them taking the opportunity to cut some costs when it's more "excusable" than normal to do so. You can justify any decision with covid rationale from a PR perspective.
Cash is trash baby
Their investing style doesn't translate to most other places. Not an easy transition from there.
China is one of the markets where risk parity may still work, but otherwise that business model is dead for developed markets.
I think it is bwat specific to the extent they had a nice 40 year run where being long assets worked well, but that won't be the case going forward over a longer period of time.
Do you really expect bonds to hedge equities on a go forward basis ? It's all about discount rates now, so you will see a lot more bonds down stocks down in what used to be a var shock type event.
No, the issue is largely that central banks are determining the prices of risk and their put has forced the market into a spectrum of risk positions. That is why gold has become so attractive as the only thing to offset that via ccy depreciation.
The model has broken because central banks are going to crowd out the private sector on fixed income, and risk parity fails under that model.
There are no real hedges anymore that are investable assets unless you want to play the fx game.
Your title says VP in macro HF and you're asking this?
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