Hedge funds: a) Discuss three ways in which a hedge funds differ from a typical mutual fund. ( 6 marks) b) Describe one hedge fund strategy in detail. ( 6 marks) c) Some hedge fund strategies are compared with put writing. Intuitively, describe how this relates to the phrase "picking up pennies in front of a steam roller" and why this can matter for overall financial market stability. (7 marks) d) Critically assess the use of the Sharpe ratio (CAL slope) to evaluate hedge fund performance. (6 marks)