I fought the Fed and the Fed won
‘Don’t fight the Fed’, goes the old saying. Investors tempted to challenge the U.S. Federal Reserve’s narrative on transitory inflation might want to read Russell Clark’s final letter to investors while listening to the rock anthem ‘I fought the law’. After another monthly loss at the hedge fund which bears his name, Clark decided to wind up his fund, deploring that global markets are increasingly driven by politics, notably China’s, for which he admits having no particular edge.
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