Where do hedge funds fit in a bull market?

Before a customer even gets to the point of talking about bull market or bear market strategies for hedge funds, one must bear in mind that clients often have relatively strong views in the following areas, which drive recommendations

1. Nature of the strategy
2. Single- versus multi-manager funds
3. Size and independence of the organization
4. Track record

Before considering market conditions, let's take a closer look at each of these areas first

1. Nature of the strategy According to CSFBTremont's website www.hedgeindex.com, there are anywhere from...