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To: tyc:> who wrote (60398)	7/18/2008 5:12:11 PM
From: LLCF	Respond to of 78417

<It seems to me that hedge funds are above the law and supervision just because they have that word "hedge" in their name !> Well, they are totally different. The whole reason they exist is to avoid regulation. When I was going to start something up myself it would have absolutely been a hedge fund. If you want to start a fund (mutual or whatever) that you can sell to the public then it's a nightmare to be honest unless you're big. You have very strict guidelines that you put forward in the beginning about what you can invest in... if market conditions change and you want to turn into something else, forget it. If you want a lot of flexiblility, forget it. By definition hedgefunds are private, can only sell to qualified individuals that make X and are worth Y (ie. if you're rich and you lose all your money to some sheister then it's your problem), etc. So when you hear on FOX news about hedge funds blowing up and "investors" losing all their money don't cry... they're supposed to be the ones losing all their money. :) Anyway, yea... they whole idea is they act like private individuals and their investment portfolio's are treated as such... not regulated except by the groups that "clear" them or loan money to them (Bear Stearns was the king of sleazy hedge fund clients when I was in NYC). They clearly didn't know WTF their "clients" were doing... DAK