<human>:  What risks do hedge funds pose to investors?
<bot>: Hedge funds can be incredibly risky investments and their strategies can expose investors to different risks than traditional investments, such as regulatory risk, liquidity risk, and concentration risk. Additionally, hedge funds usually have higher fees and expenses, making them less attractive for investors. They are also highly unregulated, so investors should be extra cautious when dealing with hedge funds and consider performing their due diligence on the fund manager.