Taking cover
Hedge funds are, by definition, unlike other financial institutions. Privately organised, exempt from most government regulation (at least for now), and commonly unavailable to the general public, hedge funds can provide greater returns to their investors, but also assume greater risks.
Since investors in most hedge funds are highly experienced, highly sophisticated investors, fund managers tend to assume this risk is understood.
And it is, until the market takes an ugly downturn and the fund
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