We have not seen a long term multi year bull market such as 1990s' at this moment, though we successfully predicted 52 weeks low last year in August and Sep.
The uncertainty and sudden spiking volatility will be in global financial markets for the next few years. The market predication will become extremely difficult and this is true for giant MM such as GS or MS as well.
As a result of extreme debt burden on European countries, Japan and U.S, the financial markets will pave the way with the Black Swan threat. We could not predict exactly when the black swan will come again, but we could alert the market and ourselves when it comes.
So for small hedge funds and investors ( less than $200 Million funds), it would be more easy them to beat the market or even gain absolute return both in bear or bull market.
It is very important to scan all financial markets in the world ( stocks, bonds, currency, commodity, cds) and also political movements in the world before making big financial decision.