One of the challenges facing hedge funds is being able to cash in on opportunities that come – and go – in a flash, according to Tanya Styblo-Beder, CEO of Tribeca Investments. Speaking at a hedge fund conference in Cannes, France, Styblo-Beder says market trends are “significantly shorter” and “sometimes last for only 72 hours.” Therefore, success will come to those hedge funds that can create the right business model that will allow quick moves, such as multi-strategy hedge funds. Panelists in other sessions also predicted a greater infusion of money into hedge funds from pension plans as sinking stocks and bond yields have accelerated their interest in alternative investments. Finally, delegates at the International Centre for Business Information conference are revising down their expectations for returns this year as a result of a couple of rough months. In April, many were looking to end the year up 12% to 15%; now only one in 10 attendees expect the final figure to be more than the 9.5% of 2005. “There is a small chance we could see a pick up,” said one unidentified fund manager at the conference, “But it’s unlikely because so much money is in long/short equity,” which account for about 30% of all hedge funds and which has been socked this year. Hardest hit among the long/shorts, say observers, are those investing in emerging markets.