Robert Hsu, Editor
The Independent Adviser for Vanguard Investors

Before hooking up with your fellow China Strategy members in Beijing, I attended a hedge fund conference in Hong Kong called Hedge World 2006-the biggest hedge fund conference in Asia. You probably hear a lot about hedge funds, so I thought we'd take a few minutes to talk a little bit about what hedge funds are and how they affect our investments. Plus, I have some very good news for us that came out of the conference.