Morgan Stanley sees the elephants in the room
As hedge funds have ballooned in recent years, so has their footprint in the few markets large enough to accommodate them. This isn’t a problem when their trades are going well. When those trades backfire, though, it can be a different story – particularly if multiple funds are holding the same position and all try to cut at once.
“That’s why we’re having a one-in-100-year event every five years,” says Jakob Horder, global co-head of fixed income at Morgan Stanley. “There are larger and larger
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