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The people who own assets, or who serve as fiduciaries for the owners, usually do not have the time, or the interest, or the expertise, to manage the assets themselves. So they hire outside experts to assume day-to-day investment authority over the assets. The owner, or fiduciary, delegates authority over the details but retains oversight over the money manager. And so we come to the community of money managers. Money managers buy and sell stocks, bonds, and other instruments on behalf of the clients whose accounts they manage.

Taxable investor is effectively locked out of offshore funds. FUNDS OF FUNDS Many individuals and institutions invest directly in hedge funds. Since the level of fund-specific risk can be very high if the investor uses only one hedge fund, informed investors prefer to invest in a diversified portfolio of hedge funds, often encompassing multiple hedge fund strategies. Depending on the circumstances, the investor may use as few as 4 or 5 funds, or as many as 20 or more. If 38 CHAPTER 2 the hedge fund portfolio includes a large number of managers, then the job of monitoring and managing that portfolio can become a very demanding task.

Strategies Manager has total freedom. There is a high degree of manager-specific risk. Cultural style Small organizations can respond quickly to changes. Results are highly dependent on one or two key people. Fees Performance fee creates incentive to emphasize performance over asset growth. Performance fee may create incentive to take risk. Liquidity Money manager does not have to cope with daily cash flows. Some investors prefer daily access to capital. equity market, or to risk-averse investors, who wanted some protection from a change in the broader market environment.

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