Absolutely agree Woollydog. I was only discussing how...

Absolutely agree Woollydog. I was only discussing how disgraceful it is that VGI partners charge performance fees based on NO hurdle. That is, any amount is subject to a performance fee.

It's active management at its worst. Performance fees should by their very name be for those funds that perform. This means setting an appropriate benchmark relative to the fund.

For RF1, a relatively high risk/high reward hedge fund, setting the benchmark at the cash rate is an absolute slap in the face.

On a side note, with the continual ascendency of passive funds, I am not sure how much longer active managers think they can keep with the blatant, unashamed cash grab.