You can't invest in every good fund that comes in the door, so it becomes a brutal sorting process.

We are going to see a slow fading away of some of the funds in the bottom half of the performance rankings.

I had conversations with limited partners last year who said that three-quarters of the funds in their portfolio, and by implication those in everyone else's portfolio, were coming into the market looking for capital.

This was the start of the fund-raising wave that began at the back end of 2004.

I?m so tired of rain.

I felt a tap on my shoulder. One of the little girls said, ?Can I sit on your lap?? She was probably 8. I thought that was so cute. It?s exciting for them.