What’s The Best Hedge Against Protectionism? Fund Managers Weigh In

There's a lot of chatter these days about the extent to which hedging doesn't make any sense. That, as Bloomberg's Richard Breslow observed earlier this week, is a sad state of affairs. Hedging costs money and that cost is compounded by the lost carry on trades that your peers might be holding on to in order to squeeze the last few basis points of compression out of the rally. So if you're trying to be cautious but you're accountable to investors, you're doubly f*cked if you try to hedge your