How Much Operaty Capital Do You Tell People to Have?

You should go into this with three years operating capital to subsidize, but more importantly, a clear path to get to 50 millions. If the fund is somewhat of an orphan, meaning it's small, it has so many head winds against it, it's not going to get approved on platforms like the wirehouses. You're going to make the market makers grumpy out that theyre having to deal with it, et cetera. So the path to 20 to 50 million, i think, is a great way point that you need to get there as quickly as possible, otherwise it's painful.

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