Hedge funds are really specialized. Usually, different people trade different things - one team on stocks (or even a narrow subset of stocks), another team on c

Hedge funds are really specialized. Usually, different people trade different things - one team on stocks (or even a narrow subset of stocks), another team on commodities, etc. It takes a lot of experience to get good at an instrument. And if your fund just doesn't have good commodity traders, you are not into gold or any other commodity. Hedge funds are like startups, really. All of them do the same thing on paper, but some do it better, so it's your responsibility (and a bit of luck, of course) to pick the good ones.