The Federal Reserve may have some fans in the hedge fund community, but they are not nearly so vocal as its detractors.
The central bank's stimulus programs helped stoke last year's big gains on Wall Street. They are also, as Duquense Capital Management founder Stanley Druckenmiller has pointed out, much better for the rich than for the middle-class and poor. Still, some of the rich are not especially appreciative.
"I don't really like the Fed very much," DoubleLine Capital's Jeffrey Gundlach told The New York Times. "I wish the Fed were not manipulating the market the way it is."
One of the Fed's cheerleaders is Bridgewater Associates' Ray Dalio, who has said that the stimulus programs have led to a "beautiful deleveraging." But Kynikos Associates' James Chanos says that is a mirage.
"The beautiful deleveraging has not happened," Chanos told the Times. "We are more leveraged as a society than we were in 2007, at the onset of the financial crisis."
"They've gotten themselves boxed into a corner," Gundlach says. "It is the same old game and we keep saying the same old things."