11.   Investors are struggling with these new hybrids, surprised by what these companies aspire to become and questioning how those ambitions fit their investing strategy.

12.   Investors are surprised by what these and other companies aspire to become and question how those ambitions fit their investing strategies.

13.   Long-term results of an investing strategy are clearer when portfolios are left unhedged, he added.

14.   Some of the existing indexes track a specific investing strategy, while others follow the overall hedge fund market.