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HFR Industry Summit: Outlook 2008 Recap
Event Summary


The hedge fund industry's top hedge fund mangers and investors descended on the Magnificent Mile for the HFR Industry Summit: Outlook 2008. At the private engagement hosted in the historic Renaissance Ballroom of the InterContinental Hotel Chicago, 17 fund managers discussed the most relevant investment themes in current environment and presented their respective outlooks on these into next year, also fielding questions from top institutional investors in a roundtable format. As expected, dominant and recurrent themes included increasing asset volatility, securities backed by sub-prime mortgages and the Chinese equity markets.

The Equity Strategies session discussed inflation, China, global commodities and volatility and the technology sector, with audience questions pressing participants on the impact of higher inflation and the basis for allocations to China given the tremendous gains in recent years.

The Event Driven & Credit Strategies session discussed dramatic changes in the financing environment in the last few months and the evolution of the opportunity set as creditor risk tolerance has declined. Audience questions focused intently on the impact of liquidity and the outlook for securities backed by sub-prime mortgages.

The Arbitrage Strategies session discussed successful innovation with arbitrage, focusing on strategies which included volatility, mortgage-backed and energy/commodity infrastructure exposures; audience questions focused on leverage, derivatives and risk management.

The Macro Strategies session concluded the program with a dynamic discussion on domestic & foreign monetary policy, with themes of discussion and audience questions focusing on increasing transparency of policy, valuation fundamentals in emerging economies and the global economic impact of various scenarios of Asian and Middle Eastern central banks adjustment to fixed exchange rate policies.

Professor Richard Thaler spoke over lunch about behavioral finance applications to hedge fund allocations through volatility and about quantitative strategies; Summit attendees were also treated to an engaging exposition by Provost of the Field Museum on Natural History on 'tiktaalik roseae'-the missing link between fish and land animals.

HFR will host the event in London in the Spring of 2008.

For questions regarding HFR Industry Summit events please contact HFR at summit@hfr.com

Scenes from HFR Industry Summit: Outlook 2008

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