Michael Cuggino, fund manager at the San Francisco based hedge fund Permanent Portfolio Family of Funds, sees opportunities for hedge funds in the current environment. He likes energy, technology, real estate, and certain commodities like copper. Of course, none of these sectors has performed particularly well of late. Mr. Cuggino's fund is down 14.8% this year. The fund has also been buying Treasuries and gold to lessen the impact of declining equity markets. With respect to energy companies, Cuggino likes Chevron, ConocoPhillips, and BP.