What about us small fry who want to manage money? What if you have viable strategy that works in backtest and real time with real money in private acct. Go talk to a few friends & family. OK now have 500k from less than 15 ppl. How best to pool this money to invest. Hedge fund? Does this mean LLC, LP or what? Can I do usual 1/20 fee with high water mark? Or do I need Series 3, 7, 65/66/67 or else goto jail? Monkey boy take monkey test now means I know how to make people $$$??? Sounds like Bullsh*t to me. Please excuse the french. Say I invest in stocks, options and some index futures and options. Which tests to take and licenses to have? What if I add commodity futures. Which tests now? Which regs - SEC, NFA, NAFTA, GATT, VIP, ASAP, WTF?? So many hurdles and questions. Where to start? Is good strategy, proven and making money good enough?