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

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.

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.

The mistake is purely on their (the ACDP) side. It is not right for them to accuse us of being part of it. That is unfair.

Two wrongs not a right make, but three lefts do!

It's really easy to get colors right. It's really hard to get black - and neutrals - right, ... Black is certainly a color but it's also an illusion.