Madness is probably an understatement. Yes HFA's underlying...

Madness is probably an understatement. Yes HFA's underlying funds will not generate any performance fees this year and due to deleveraging, the fees on the underlying funds will drop, but over the past 12 months, HFA has had positive inflows of funds and all they are trying to do atm is hold illiquid investments while the market is so depressed, which is in the best long term interest of investors in the underlying funds.

I would be very surprised if some fund managers don't start adding to their holdings or at least taking significant stakes in HFA at these levels.

The next question is will HFA pay a dividend in March. If they continue to pay some sort of dividend, then that will make the market much happier, even if they do cut the dividend back.