The document outlines 12 best practices for hedge funds, including having written compliance and trading policies, multiple levels of authority over cash movements, a consistent valuation policy by asset class, reliable technology infrastructure, an open architecture to work with multiple prime brokers and custodians, clear risk management methodology, the ability to prove best execution, high-quality legal and audit representation, sustainable third-party administration, dedicated operations managers, significant investment of the principal's own money in the fund, and daily position and cash reconciliation. Following these practices can help funds seize growth opportunities.