Park Avenue, Manhattan, is half a world away from Kaiserstrasse, Frankfurt, and the corridors of the European Central Bank. The closest the hedge funds of New York have come to austerity is cutting back on helicopter trips to the Hamptons.
Yet with distance comes the ability to reflect and the confidence to act. So while investor sentiment in Europe is wary, the US smart money is seeking opportunity in the belief disaster has been averted.
Part of that reflects sentiment more broadly. The US stock market is trading at record highs, and the experience of the American financial crisis and subsequent recovery provides perspective.
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