For many asset-management firms, hedge funds have long been like a maddening little brother: small, cocky, subject to fewer rules and, yes, the apple of everyone's eye. Family resemblances, however, will out. Mutual funds, while more tightly regulated than their boisterous siblings, are acquiring hedge funds and adopting some of their behaviour, such as the use of leverage, short-selling (betting on a price falling) and derivatives.
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