more fa please, less hype, page-10

I was watching the early program on Sky and they had the retail analyst for UBS.

He essentially said the same regarding hedge funds and made a good observation. There is a combination of cyclical and structural issues facing the industry at present and he felt BBG was more the cyclical, though structural may become more evident later.

I felt he was saying this is the usual cycle and BBG is priced for the unusual.

We shall see