With trading strategies that are based on complex mathematical equations, or that are driven by sophisticated “black-box” computer programs, managed-futures programs are usually able to remove human emotion from the investment equation – a reality that certainly helped them post strong returns last year, even as the volatile U.S. stock market whipsawed investors out of about $7 trillion in shareholder wealth.

While every investment asset class struggled mightily during 2008 – the U.S. stock market alone eradicated $7 trillion in shareholder wealth in its worst year since the Great Depression – managed futures provided investors with a significant bright spot last year.

Long-short investing strategies aren’t just for hedge funds anymore. Many investors believed diversified “long-only” portfolios would always serve them well, regardless of the market conditions. They expected certain asset classes would perform well even as others were struggling.

While many analysts expect U.S. corporate earnings and overall economic data to remain weak by historical standards, there may well be enough of an improvement over the prior months and quarters to spark some optimism that there are better times ahead.

So what will $800 billion buy these days?  At the macro level, the Obama administration’s rescue plan will buy some new roads and bridges, 3.5 million new jobs and, hopefully, an economic recovery in the process.

With the U.S. credit markets in lockdown mode, a whipsaw stock market that keeps anyone from getting too comfortable, a banking sector in chaos and a recession that clearly won’t be ending any time soon, U.S. dealmakers are looking at a market for mergers and acquisitions that’s in a virtual deep freeze.