Todd Tresidder

But you also have to know your limitations.

You have to know what you've got nailed and what you don't know.

And I think that's one of the biggest foibles that people run into is they're not aware of what they don't know.

I wanted to, the business had run its course, the hedge fund business.

I had learned what I was going to learn there.

And, you know, I had already, I developed the methodologies by which I still use today.

Well, it wasn't 2 and 20 back then.

See, I was in the very early days, right?

So now 2 and 20 is common for listeners that don't know.

That's 2% management fee, 20% incentive fee.

Back in the day, you know, I did this before they were called hedge funds.

They were called private placement partnerships, and they only got the sexy name of hedge funds later on.

You know, there were just different legal structures that we had to operate under in order to do what we were doing, because you couldn't do them under conventional legal structures.

And so...

I lost my train of thought, though.

Where was I?

Oh, no, we're straight three percent.

I'm sorry.

Long winded answer to get to the short answer, which was we were a straight three percent management fee.

Uh, no, I wasn't half.