premise: If Hindsight Capital LP, my imaginary hedge fund blessed with perfect foresight, had put on a trade in September 2006 when I took over the Long View, <hypo>.
hypothesis: <hypo> should be "it would have invested heavily in the US (up 69.4 per cent compared with a fall of 8 per cent for the world outside the US, according to MSCI), and avoided Europe (down 12.6 per cent)"