Value Legend Gary Brinson Calls Hedge Fund Investors "Delusional"

When Gary Brinson, founder of Brinson Partners and former chief investment officer at UBS Global Asset Management, looks at the conundrums around the world, he has decided to take a risk-off stance. Speaking at the CFA Chicago Society luncheon Wednesday, Brinson noted conundrums around the world where one solid economic correlations have become unhinged amid financial repression, fed balance sheet concerns and markets that have significantly diverted from their mean. A mean, mean reversion could be coming, he noted. Brinson doesn’t know when the market price adjustment will occur. Like Ray Dalio, he said the market adjustment could be a slow process, playing out in two to three years; or it might happen quickly, out of...