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“I have always tried to survive bearish markets; and none have looked alike,” Mr Jabre said yesterday during a symposium organised by Optimal, the alternative investment Geneva subsidiary of Santander Central Hispano. In 2000, he yielded outstanding returns at GLG in the middle of a markets collapse, Swiss paper Le Temps reports.

The well-known hedge fund manager fits in the macro managers’ family: George Soros, Paul Tudor Jones, Louis Bacon, who anticipate before others heavy tendencies of global economies, and who make winning bets on the markets.

Philippe Jabre is primarily risk-adverse. He avoids illiquid or private transactions. He is a bear who distrusts the managers who surf on bullish waves. “10% of managers take real risks, and 90% make money because they are in a bullish market. Will they survive this cycle?”

The miracle of limited loss He survived the internet bubble thanks to lessons learned when the Japanese shares collapsed in 1990 and the ensuing debacle of warrants markets. This Nippon experience made a market time out of him, one who can feel a market’s inflection points: the moment to sell, buy, protect. In 2000, his funds then, which have a similar multi-strategy profile to those he launched in Geneva on February 1st, returned 25.4% when the MSCI World index was down 14%. In 2001, he again faced the inevitable market fall with a return of 9.4% (the MSCI was down 17.8%). His management method, focused on minimal loss rather than......................

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