“We Do the Insider Trading So You Don't Have To”

That's one suggested slogan  – "more truth than poetry," as my mother used to say – for hedge funds as they begin marketing to the millionaire next door. Others include:

"Trades great, more billing."

"Alpha for the rest of us."

"Hedged today, gone tomorrow."

"Fee all that you can fee."

Warren Buffet has marveled at the willingness of investors to believe that higher fees will produce superior performance. Nevertheless, hedge funds remain the place to put your money when you care enough to pay the very most.