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Finally, the Wall Street Journal quantified what we have been talking about for the last 9 months in Jenny Strasburg's article this morning titled "Hedge Funds' Capital Idea: Cutting Fees."

I'll let you read the article, but this was inevitable. I have never seen an industry that is oversupplied NOT lose pricing power. At the end of the day, I learned a while ago when I built my own hedge fund, that the art of managing money, is having money to manage!

Winners and Losers continue to emerge. That's free market capitalism, and I'm all for it.
KM