Article: Hedge funds are not for novices

These days, hedge funds are what every investor wants to own and where every alpha male (and some alpha females) now want to work. In the City, the hedge fund industry is fast replacing investment banking and commercial law as the surest perceived path to wealth, a good marriage and social bragging rights. Hedge funds now even boast their own annual two-day festival, Hedgestock, named somewhat self-consciously after the Woodstock festival of 1969 and this year featuring an outdoor concert by The Who. This produced, according to the Times, a splendid moment of unintended comedy when Pete Townshend - he of the smashed guitar routine in days gone by - became so maddened by relentless ...

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