up by eight points. >> our guest hosts mario gabelli ." ornia pension fund sends it packing. though the performance is , shouldsub gabelli they have done hedge funds in the first place? you shall be an eight page report, some good performance but a lot of underperformance. >> let's go through some numbers. from $100 billion to $2.4 trillion in hedge funds. are all hedge funds equal? what are the benchmarks? in addition to that, we all know that the last five years have been a feast for equities. a big tailwind and a good performance. what is their net exposure. a mathematical number. within that framework they're not owing to perform. if the markets are fairly bad, hedge funds will perform. is doing the wrong thing at the wrong time. >> matthew levine of bloomberg "view" says the idea that you can go to a hedge fund is an idea of what you're doing with long or short stock, but you own the stock anyway. it is self-defeating. it drifts away because it is a big hunk of money. journal which had a brilliant article about the rise and fall of per

excitement about the technology sector and maybe as mario gabelli likes to say we might see corporatee making between aol and yahoo! albeit forced. what do you think? good rally today? >> good rally. remember yesterday down a couple hundred points, people were worried that the top was in. this friday a week ago, record highs, a little correction. i think there is still a lot of fear from what happened in 08-09. people are worried we'll get wildly aggressive correction. that's why every time we are down 200 points, is this the start of something bigger? at the end of the day, we keep seeing the money movers, the money comes in and supports these breaks with new buying. it will be interesting to see. today was the last friday of the month. tuesday is the last business day of the month. we're going to watch inflows coming in. as long as you continue to have demand coming into support equities and uncertain picture with the -- liz: you know what? i thought you were going to say as long as we have, and you said demand. i was going to say the fed. andy, from the way you look at the world an