3min chapter

Forward Guidance cover image

False Dawn: Why The Rally Is Over | Andy Constan & Joseph Wang

Forward Guidance

CHAPTER

Why Do Long Only Funds Own Futures?

Hedge funds are short a lot of futures. Why? Because they have cash to meet redemptions, and every day there are some inflows and outflows to every mutual fund on the planet. You want to own something superliquid so you can get to your risk target quickly. The most recent version is since two thousand and nine long only funds are only long. They've never been short. And so what they sold is what they were long, not what they are short.

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