Ted, that's an interesting perspective, thoughtfully presented. As you know, I argued three years ago that hedge funds were collectively managing more money than was consistent with meeting the return expectations of clients. So far as you note, results continue to disappoint.

My question to you is, do you think there is a point at which you'd agree there is too much capital invested in hedge funds? If so, how would you know if we were at that point? And lastly, what is it about today's returns that makes you comfortable that today's broad AUM levels are capable of earning acceptable returns in the future?

Simon Lack