The Financial Times has spent the last three weeks pondering the Future of Investing. We did not see the future. And even the present is surprising.
The reckoning that many predicted during the worst of the crisis has, at least, been postponed. Quant funds, which had their disaster as early as August 2007, are still in business, and trying out new strategies. With less money in them, they may even be less overcrowded, and more profitable, than they were before.
The widely predicted clean-out of hedge funds is also yet to happen. The March rebound came just in time to thwart it.
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