Despite being the financial boogeyman, kicked around by politicians and vilified on television, hedge funds are a smart way to protect hard-won investment gains as well as garner a certain amount of liquidity during periods of market stress. Like now.  But the term “hedge funds” is broad. For instance, this past week Bank of America announced that hedge funds just bought a record amount of equities during the market plunge, yet the next day the Wall Street Journal reported that many hedge-fund managers have stepped aside and are “stockpiling cash.” So which is it? Probably both, after all, “hedge funds”...