Roughly 95 percent of the hedge funds that we contacted said their costs had risen in 2005, and nearly half of the respondents expect their compliance costs to rise yet again.

The headache of keeping these documents is one of the biggest things that compliance officers are worrying about right now.

When founders of a hedge fund are told they have to do such and such by compliance officers, that could be like having an employee tell the boss what to do, and that might not go over very well.

In whatever I may be thought to have been unnatural, unwise and indelicate, it is now my most fervent desire it may have a suitable impression on you - and on me, a penitent for every wrong thought and step.

We created a number of opportunities. We just lacked the precision in front of the goal.

I think we're a top 10-type team. If this team stays healthy, we'll be hard to beat.