By: Doug Kass
thestreet.com

An informal and unscientific survey of my hedge fund cabal yields the following conclusions:

1.Hedge funds have raised (and are raising) their gross and net long exposures.

2.Hedge funds are materially long commodities (especially of an oil kind) and continue to favor energy-related equities above any other sector.

3.Hedge funds are long the "Gripple" trade -- Google (GOOG) + Research In Motion (RIMM) + Apple (AAPL).

4.The short 10-year Treasuries trade is a favorite among the favorite hedge fund.

5.Many hedge funds are short the U.S. dollar.

Aren't these the trades that got investors/hedge funds in trouble in 2007-2008?
My guess is that one or several of these trades fail spectacularly as they have done in the past when the trend players pile in. I am just not sure which they might be!

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