Hedge Funds return to their peak asset value

Here's another sign that we're back to the business as usual of the "old normal" of the credit bubble, and that economic and history illiteracy is adding to the feel good effect of irrational exuberance to mark the top the markets. Markets and lemmings will never learn from history, and they believe that 2 years of Fed cheerleading is enough to erase the side effects of the biggest credit bubble in the history of mankind.
Oct. 19 (Bloomberg) -- Hedge funds attracted a net $19 billion of new capital in the third quarter, the most since the end of 2007, as they returned to their peak asset value before the financial crisis.

Hedge funds returned an average of 5.2 percent in the quarter, bringing net asset values to a record high and erasing the losses during the financial crisis. Including new deposits, industry assets rose by $120 billion to $1.77 trillion, the biggest quarterly increase in more than three years.

“The emerging from the drawdown is a milestone,” Ken Heinz, president of HFR, said in a telephone interview. “It’s taken three years to fully recover from that.”
3 years? that much? Did they realize that Japan is still in there after 20 years, and that they are following the exact same steps, one after the other?

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