Fortress’ Novogratz says “easy meat” days are over

Reuters – From the edge of the abyss, most investment banks and hedge funds have roared back this year thanks to equity markets that have surged 60 percent from their March lows and healthier credit markets, said Novogratz, who manages $4.6 billion through Fortress’ Drawbridge global macro hedge funds.

But the post-crisis surge cannot last, he said. A still-shaky economy and volatile stock markets with no clear direction will suck the wind from the sails of investment banks, trading houses and the hedge funds, he said.

“Mark my words: Next year will be far harder for Wall Street to make money,” Novogratz said. “The easy meat is off the bone.”

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