W e’ve been down this road before.

That’s the strong sensation that comes over me just about every time I happen upon some new status report on the growth and evolution of hedge funds.

Don’t get me wrong — hedge funds are no clone of anything else. These partnerships designed primarily for well-heeled, sophisticated investors are distinctly different from any other money-management vehicle.

If mutual funds are buses or minivans, then hedge funds are more like sports cars. They are faster, much more maneuverable — and in most cases subject to proportionally greater risks.

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