Salient to Investors:

Julian Robertson at Tiger Management said hedge funds positioned for a “disaster” are making a mistake – so bearish that they’re not going to get out of it without a black-swan type event.

The Bloomberg Global Aggregate Hedge Fund Index is up 3.1 percent in 2012 through September versus up 16 percent for the S&P 500 and up 4.5 percent for the Barclays Capital Bond Composite US Index.

Bank of America Merrill Lynch report stock hedge funds are 22 percent net long versus an average of 35 percent to 40 percent.

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