Hey guys, This is something I've been pondering in the back of my mind for some time. I'm sure there's a very good legal reason why this doesn't make sense... but I don't know what that reason is. Thus, thought I'd ask the experts. As probably most people know, hedge fund managers have the tax advantage (at least for now) of being able to convert their pre-tax fees into capital in the hedge fund... so that they don't end up being taxed until they eventually cash out (and pay long-term cap gains). Assuming you don't need any funds to live on... why shouldn't a career trader establish something like a hedge fund legal structure, and route all of their trading through the fund? Could you setup "manager fees" to be 100% of all returns... and then have those fees stay in the fund without any taxation? Again, I'm sure this isn't possible, just looking for an explanation of *where* it all breaks down. Thanks.