Some of the largest investors in the world jetted home underwhelmed after a three-day blitz of meetings with hedge fund managers, unimpressed by their bearish outlook and cautious approach to markets.
For a thousand bucks a night you could state the breakers Palm Beach resort this week and attend the annual Morgan Stanley hedge fund forum. For these digs at that price you'd expect to leave happy but even the so called Smart money at this event could paint a pretty picture. Reuters correspondent Lawrence de Levine. The mood is gloomy but hedge fund managers are bearish on just about everything from stocks to commodities to China. At the same time. Those views are relatively consensus. And so the investors they're talking to or underwhelmed we are the brilliant original contrary and ideas that they're paying the fact. Fees for indeed the average hedge fund lost money last year dropping point 16%. That's the third down here in less than a decade but hedge fund assets also hit a record high of nearly three trillion dollars and 2015. With global markets and it takes in January and with little optimism from the guys who like to think did best and brightest. But is gathered in Palm Beach reluctantly say they're resigned to keep paying top dollar management fees because. They don't see any other good options.