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I Think the Next Rock to Fall Is the Industry
The next rock to fall is if someone wants to allocate or do anything in regards to a hedge fund product, it's very hard to justify this traditional two and 20 when you can replicate it for a cheaper price. The higher your fees are, the lower your expected return is likely to be moving forward. So I think investment products continue to improve on the investor outcome side, but there are light shining now in regards to where fees are too high and fees are coming down.