Hedgistan Breaks Even, But This Time It is Different, says Steinhardt

From 1440 Wall Street:

Hedge fund's turned in their worst first half numbers in two decades, but given what has transpired, the industry should survive:

Hedge funds declined by an average 0.7 percent in June, bringing the year-to-date loss to 0.75 percent, data compiled by Hedge Fund Research Inc. show. It's the worst start to a year since the Chicago-based firm began tracking returns in 1990. The $1.9 trillion industry has posted one losing year, in 2002, when funds fell 1.45 percent amid the 23 percent decline by the Standard & Poor's 500 Index.

``Equity markets have made for an incredibly difficult environment,'' said Mark Dampier, an analyst at Hargreaves Lansdown Stockbrokers...

...But many old timers are befuddled by this market, which seems to operate by a new set of rules. If you have it all figured out, shoot me an email.

But this is certainly an unusual time, as hedge fund legend Michael Steinhardt says in this interview. Normally he would be bullish, but he ain’t, just yet.

This time it is different....MORE including Steinhardt video.