by Greg Guenthner
Daily Reckoning
The greatest bullfighter of all time, Manolete, was gored to death by a Miura bull, an event that left Spain in a state of shock in 1947. Many contemporary hedge fund managers can probably relate.
This story from hedge fund Caerus Investors’ second quarter note perfectly sums up the march to new highs.
Investors continue to fight the bull. But the beast has defeated every single one of them. Even the billionaires…
“I don’t like bonds; I don’t like most stocks; I don’t like private equity,” billionaire bond king Bill Gross said last week, citing too much risk for too little return for his taste.