Fighting derivatives' corner

Hedge funds have come under attack in the past month from a very notable heavyweight with the backing of a $103bn investment firm behind him.

In his annual letter to shareholders, viewed by some as akin to the Sermon on the Mount, Warren Buffett, billionaire investor and chairman of Berkshire Hathaway, branded derivatives 'financial weapons of mass destruction' and a 'time bomb' for the world's financial markets.

As a renowned long-only buyer and holder, it is unsurprising Buffett pours scorn on i

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