In the future perfect

So your hedge fund portfolio has US long/short, Europe long/short, fixed income and event-driven strategies. Well diversified, or so you think. What happens if a massive shock hits markets?

Suddenly, your broadly spread exposure to alternative investments correlate, and head south in unison. That, says Pierre Maliczak, head of Refco Alternative Investments (RAI), Europe, is when you need a big put option.

Step in managed futures and commodity trading advisers (CTAs) and, in RAI's case, the

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