Investors need more freedom, less protection

Q: What's the best type of

investment fund to own right now?

A: A hedge fund.

Q: What's the one type of fund that average investors are not allowed to own?

A: A hedge fund.

The Financial Services Authority, the UK's financial regulator, tackled that Catch-22 in its Discussion Paper in August. Looking at the role of hedge funds in financial markets, the FSA entertained the notion that ordinary UK investors should be allowed to own them.

The FSA is only one voice among many contributing to a national

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