The historical performance of hedge funds indicates that they deserve a little more rope, after 14 years of being tracked by professionals, now that they have hit a soft spot in their track record.

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When it's an optional regulation, it's not that big of a deal, ... Next year it will be an issue: Investors will be asking the hedge funds, 'Why not register?' .

186

There is conversation that over the next ten years, hedge funds would become like mutual funds, ... There is some merit to that conversation, but I think there might be some lag time.

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