They can also suck it, but first things first.
"When it comes to fees, true skills should still be worth a lot," Asness said at the Buttonwood Gathering, a conference organized by the Economist magazine in New York. "If there's any problem with the hedge-fund industry it's not that there aren't strategies worth 2 and 20, it's that the whole industry is being priced as if it's skill...The problem with hedge funds being net long is not that net long is a bad idea, it's that they are charging 2 and 20" for investing in stocks, Asness said.
And if anyone investing with firms that charge fees of 3 and 50 is thinking of making noise, you'd be advised to zip it. The first person to complain gets them raised to 5&75 for the whole group and another 5% for every peep thereafter.
Asness: Skill Merits 2 and 20 [CT Post]