Macro Bet Days Of Hedge Funds Are Over

Perhaps markets have become too efficient to be predicted, says A V Rajwade

It was Long Term Capital Management (LTCM), the so-called Rolls Royce of hedge funds, which went bankrupt back in the autumn of 1998. It had made huge and highly leveraged bets on a narrowing of yield differences between government and corporate bonds. When Russia defaulted on its domestic debt, there was a