Hedge funds were used to "hedge" or protect against loss due to market uncertainties. The business of hedge funds began to bear fruits in the mid-1960s. Although they encountered some troubles with treacherous markets in the late 1960s and early 1970s, the business of hedge funds again enjoyed real growth and development in the 1980s. Recently, hedge funds encompass almost every financial product and tangible asset and follow both conservative and aggressive investing approaches. This book presents the recent trend of hedge fund strategies from various points of views.