Hedge funds have hit upon a new strategy: targeting competitors that may be facing a surge in redemptions. The Financial Times notes some hedge funds have been shorting securities known to be widely held by rivals. The bet is that redemptions will force some selling. It's unclear how this strategy has fared given the temporary ban on many stocks. You can't blame funds for wanting to better capture gains from bearish markets. The big knock on them these days is that they herd and feel like long-only vehicles. The current market meltdown has been a rank disaster that has raise questions about the very rationale behind a lot of funds.      

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