The Fed acted swiftly and brilliantly,

The historical performance of hedge funds indicates that they deserve a little more rope, after 14 years of being tracked by professionals, now that they have hit a soft spot in their track record.

There is conversation that over the next ten years, hedge funds would become like mutual funds, … There is some merit to that conversation, but I think there might be some lag time.

When it’s an optional regulation, it’s not that big of a deal, … Next year it will be an issue: Investors will be asking the hedge funds, ‘Why not register?’