Am I alone in being interested in why hedge funds enjoyed explosive growth during a period in which, with the exception of 2000 to 2003, equities and bonds were rewarding investors with well above average returns?

Originally used by private investors and foundations looking for absolute returns, these funds are increasingly regarded as mainstream investments, albeit with modest allocations. Despite their popularity, it is hard to characterise hedge funds as an asset class, given the diversity of strategies and exposures involved.