2009: Hedge Funds and Treasuries Are Out, Munis and Money Markets Are In

Ridiculous fees and no transparency? Millionaires are snubbing hedge funds.

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Hedge funds are, like, totally 2006. Looks like millionaires are waking up to the fact that ridiculous fees and zero transparency just aren't worth it--especially when the average hedge fund lost 19 percent in 2008.

Meanwhile, a growing chorus on analysts and market watchers say Treasuries are so 2008. Marketwatch is advising investors to take their gains and "run for the hills." But Munis are still in.

At the same time, more investors are moving their 401(k) assets into money markets and missing out on a historic stock-buying opportunity.