请教hedge fund和mutual fund有什么本质上的区别？

Some remote recollection.

Hedge fund is usually owned by a close circle of people, and they don't have to disclose the performance--that's one reason why hedge fund sounds having better performance because, naturally, they disclose only when they start to have impressive return.

Mutual fund can be exchanged in the open exchange market (their share price can change everyday). Hnece like stocks, they have to follow strict disclosure regulation.

So hedge fund has more freedom to use some exotic derivatives--might bring high return, but might cost you a lot when everything conspires against you, like LOng term Capital Management (LTCM)