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<P><FONT color=#3333cc><STRONG>Our first note takes up the topic of the information needs of a hedge fund investor. While a view of risk derived from a snapshot of fund positions is valuable, it is also necessary to describe the risk resulting from a fund's dynamic trading strategy. There is a growing body of research devoted to factor models of hedge fund strategies. We review some of this work, discuss some of our related research and speculate on how risk information derived from these models could complement the position-level view.</STRONG></FONT> </P>