“If I’d foreseen the bear market, I’d have left to run a hedge fund,” says a long-only portfolio manager with a large US house. But among the reams of analyst reports and economic forecasts at the end of the 1990s, there was no indication of the downturn the market was about to take. In an industry where having an insight to the future is crucial, an increasing number of fund managers, disillusioned by analysts’ predictions, are looking to the skies for answers.
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