A “hedge clause,” when incorporated into an investment advisory agreement, is designed to limit an adviser’s liability to its advisory client.

The core idea behind a fund-of-funds strategy is that by combining various hedge fund strategies into ... the fees imposed by the FOF manager. For example, if an investor places $10,000 in a ...

"If you can nail that type of investing, there are great rewards for it," one former portfolio manager said.

To show you how to calculate the net asset value of a hedge fund, we'll look at the financial statements of Pershing Square Holdings, a publicly traded "hedge fund" that's managed by Bill Ackman.