Hello Friends: I've been thinking a lot about the current state of the HF industry and complaints about compensation/fees, etc. So I want to open this thread to debate. In your opinion what is the best HF fee structure that balances the needs of the investor AND the Hf manager? Issues to consider: mgmt fee, performance fee, lock-ups, min investment, liquidity, hurdle rate, high-water mark, clawback clauses, max drawdown redemption trigger, etc? Answers should be represented as follows: Mgmt Fee: ___ Perf Fee:_______ Lock-up: Y/N, if Y, how long Redemption Fee: Y/N, if Y, how long Min Investment: Liquidity: Hurdle rate: Y/N, if Y, what rate High Water Mark: Y/N Clawback Clauses: Y/N, if Y, specific terms of such clause Max Drawdown redemption Trigger: Y/N Special: Any special rebates for investors who commit large sums or agree to lock-ups: Feel free to be creative: 2/20 should not be the benchmark or the base.