“The best course of action is to take risk off,” said Highbridge Capital’s Glenn Dubin at SkyBridge Capital’s hedge fund confab in Las Vegas. Dubin thinks there is a lot of risk in the market now, and Highbridge is reducing its balance sheet dramatically, moving to a defensive position.
“We are seeing massive de-risking and de-leveraging,” Dubin’s told CNBC’s David Faber. He also called Germany’s move to ban bearish bets on certain European debt and financial stocks “ill-advised.” As for the Volcker rule, which would affect the JPMorgan-owned Highbridge, Dubin said he disagreed with its premise because financial the business is not too big to fail and, therefore, not in jeopardy being bailed out by taxpayers.
