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Hedge funds ripe for the picking

Hedge fund "short" positions exceed bullish ones by 22 percentage points, their most pessimistic stance since January 2009. The last two bouts of bearishness by macro managers preceded rallies.

New York

ONE of the biggest buyers of US stocks has turned so bearish that a growing number of investors say it can only mean one thing: buy.

Hedge funds that aim to profit from global economic trends - a group that oversees some US$550 billion - spent the past month putting on