Hedge funds are the fad du jour on Wall Street, and the business press is filled with that classic cocktail of envious money porn ("George Soros made $750 million in one year") and anguished hand-wringing ("It's a bubble that's going to end badly"). I've been trying to figure out the practical implications of all this. If the smart money is in hedge funds (which it is) and the conventional wisdom says even shrewd individual investors should stay away (which it does), what's a poor punter to do? You can approach this latest investment opportunity-cum-casino game thoughtfully. First off, just forget about getting into those funds you read about in the newspaper.
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