QuoteOriginally posted by: MartinghoulYeah, there's all sorts among hedge funds, I would say...Without any statistics to go on, I would be comfortable guessing that more than 51% of hedge funds are trend-following in nature. This means they are exposed to small and frequent occurrences of non-normality. Does this also make them generally beneficiaries, rather than victims, of extreme events? For the most strictly technical trend-following subset, I think yes. And the larger group of hedge funds as a whole still compares favorably with the primary category of investments, that being long equity ownership, when it comes to tail risk.