The Standard & Poor's 500 stock index rose 11% in the month of October. There was no real change in the economic outlook. The rally was based on an external event; that the European debt crisis would be resolved. Some hedge fund managers such as Jim Simons at Renaissance Capital and Robert Gibbins at Autonomy Capital built on this year's successes. The Renaissance Institutional Equities Fund rose 5% in October and is up 33% year to date. The Global Macro fund of Autonomy Capital is up 2.7% in October and 13.9% for the year. Other managers merely pushed into positive territory. David Einhorn of Greenlight Capital rose 8.5% for the month and is up 1.87% for the year. Bill Ackman of Pershing Square was up 14.4% and is even for the year. John Paulson of Paulson & Company made some gains during the month but is still down substantially. Some managers such as Daniel Loeb of Third Point Capital and John Thaler of JAT Capital had reduced their risk exposures to the markets in September. When the rally came in October, they missed out on the gains.
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