today, the term hedge fund is somewhat of a misnomer. The term now refers to a limited partnership in which the general partner is typically paid on a performance basis, as opposed to more traditional money managers who are paid on assets managed. Typically, the manager of a hedge fund has a great deal more flexibility than a traditional money manager, and that is really the key element. That flexibility could include being able to short stocks as well as buy stocks, use options, futures, and so on. That is what a hedge fund is in general terms, but the variations on the theme cover a very
