you just need to be wary that the market uses HFA some what as a proxy for the overall market. If the general market is resuming a downtrend then so will HFA.
Although being a hedge fund they should be able to make money in down markets. However, that theory was dusted in the first round of GFC.
I'm a big fan of HFA but you may well get better entry points on this one in the near term if the market does go south.
who said the market was rational.
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