In the December issue of Dan Wiener's newsletter, "The Independent Adviser for Vanguard Investors," Wiener interviews James Barrow, lead manager for $31 billion Vanguard Windsor II, and learns that the venerated value manager believes that hedge fund liquidations should cease by the end of the year, taking a good deal of volatility and downward pressure out of the markets.
Barrow told Wiener that: "All of that money the banks loaned the hedge funds is getting called in. They are selling these guys out. Not only are these guys getting redeemed by their investors, they're getting redeemed by their lenders. I don't know how long this has to go on--it'll obviously be over by the end of the year, but it could be pretty bloody between now and then."
This served as the topic of this week's mutual fund discussion between Dan Wiener, Adam Bold of The Mutual Fund Store and Richard Gates of TFS Capital. The consensus was that 2009 will bring smoother markets and it's time for investors to prepare for a market, if not an economic recovery.
The Forbes.com mutual fund panelists are:
Daniel P. Wiener, editor of Independent Adviser for Vanguard Investors and CEO of Adviser Investments.
Adam Bold, founder and chief investment officer of the Mutual Fund Store.
Richard Gates, portfolio manager for TFS Capital.
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