Multistrategy hedge funds are the hottest new thing in Wall Street. Delivering factor-neutral returns with dozens if not hundreds of investment teams working independently, they employ gigantic amounts of leverage to transform average pod's 3% return into a 15% return after fees without much Volatility.

This market resolves to None on December 31st 2027.

If the Wall Street Journal, Bloomberg, Reuters, or the Financial Times report one of these funds blowing up, this market resolves to the fund that blowed up first. If it's impossible to tell which one blowed up first, this market resolves to both.

Blowing up means a mix of:

• The mainstream financial press using that wording

• A 35% drawdown

• Losing 50% of the AuM

I won't bet on this market.