What a difference a few years can make. Not long ago, hedge funds were reviled as the cowboys of the investment community—the types to take risky bets on new-fangled products and strategies in the hope of big payoffs further down the line. In the corporate bond market, hedge funds were the only asset managers with the mandate to take short positions and among the few permitted to use the nascent credit derivatives market—strategies regarded by most traditional investors as a dangerous form of le
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