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We focus on the U.S. elections which are scheduled for the 2nd November. We usually don’t comment on politics, but given the profound effect this particular election is likely to have on all of us, we decided to dedicate this month’s letter to the subject of politics. In our second article, we bring the results of an interesting new survey on hedge funds. We finish with an essay on terrorism, from a game theoretical point of view. We argue why the War on Terror is a very different war to the ones we have fought in the past and we discuss how best to prepare for it.Open this issue (PDF)