Two recent papers throw light on some interesting investment behaviour. Liang and Zhang (2018) investigate how hedge funds behave at times of high market irrationality (mispricing). They find that hedge funds ride irrational pricing and so enhance such irrationality rather than correcting it. Jiang et al. (2018) review whether hedge funds change their investment style. They find that it is not a common occurrence but those that do so significantly outperform those that stick by their style. This represents a further piece of evidence that the mo...