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Are Hedge Funds Prepared for the Next Crash?

Risk management at hedge fund firms has improved a great deal since 2008, with managers wielding tools like stress tests in a more intelligent way. But it may not be enough to protect them in the next crisis.

       Illustration by Bratislav Milenkovic On August 24, 2015, China’s Shanghai Composite Index posted its biggest one-day fall since 2007, plummeting a startling 8.5 percent and wiping out its gains for the year in an event that quickly came to be known as Black Monday. U.S. stock futures followed suit, falling 7

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