Popular legend dictates that hedge funds operate like the Wild West: traders behave like gunslingers, defying all who get in their way, reaping huge rewards and acting unhindered by the niceties of risk management. This stereotype of hedge fund traders as reckless is somewhat overblown: risk management has always existed at trading organisations of every description, not least for compliance reasons.
However, given the limited size and complexity of most hedge funds, risk management has
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