This panel discussion during the annual meeting of the 2017 Southern Finance Association provides a current look into the complex and rapidly changing world of hedge funds. It begins by providing background information about hedge funds, their advantages and disadvantages to investors, and the impact of the financial crisis of 2007-2008. Next, the discussion turns to hedge fund strategies followed by a look at the hedge fund industry including its current state, challenges, and the role of institutional investors. The next topics examined are fee structure, hedge fund activism, scandals and taxes, and the role of technology. The final topic deals with future trends in the hedge fund industry including regulatory changes, fee structure, and big data among others.