``The real issue here should not be gross fees, but net returns. There are so many funds now in the hedge fund universe (maybe 12,000+) that many marginal funds use low fee structures in attempting to raise funds. In contrast many star performers in hedge funds over the last 10 years also have the highest fee structures! The market will bear a higher fee structure if you perform, while many less talented funds with lower fee structures often results in lower net returns.''

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