So apparently lots of funds are down like 50%+ over the last 12 months or so (say since early 2025)
What I really don't understand is unless you are a fund that has the MANDATE to deploy long-only, then how are you down this much?
Ain't no way you're hiring a bunch of analysts and supposed smart people to form a collective intelligent group, and yet NOBODY in the fkin group might think "actually market *can* go down as well"
Or at least if you're forced to express long on a certain thesis, you can express it in a long/short pair to hedge out other risks?
???? like wtf ???
objectively, for th