bullish long term sentiment - new research out

For those interested in the fundamentals, this is probably one of the more bullish research reports I have seen on hedge funds for a while.

http://www.caseyquirk.com/docs/research_insight/2009-04_The_Hedge_Fund_of_Tomorrow.pdf

Whilst the opening point is negative, but well known:

"The hedge fund industry is facing a transformational crisis. The industry must address key shortcomings in its business and operating models in order to position itself as the future of active asset management."

There are many other bullish comments, and positive for fund of funds also:

"• We forecast that hedge fund assets will reach almost $2.6 trillion by the end of 2013, after reaching their low point in 2009.
• Institutions are committed to hedge fund investing and accounted for less than 17% of net
redemptions during 2008 and 2009. North American institutions will be the greatest source of
institutional net flows into hedge funds between now and 2013.
• Global high-net-worth investors’ commitment to hedge funds will depend on capital market conditions and hedge fund returns during the next several years. High-net-worth and retail investors accounted for more than 80% of redemptions for 2008 and 2009.
• Funds of hedge funds will maintain their role as the primary hedge fund distribution channel, capturing almost 60% of net flows between 2010 and 2013. Funds of hedge funds will likely oversee close to 50% of total hedge fund assets in 2013, compared with 36% in 2005 and 17% in 2000."