Who wants to pay to find out?

Mr. Karsch, who wound down his $1.8 billion Karsch Capital Management LP in 2013 following a streak of disappointing returns, says his time away—during which he consulted on investments for mentor Stanley Druckenmiller and helped develop a cold-pressed juice business—honed his skills.

“I’m a better stock picker now versus then,” the 46-year-old Mr. Karsch said recently from his office overlooking New York’s Central Park. “It’s not like I was working on my golf game.”

Hedge funds earned more money from management fees (the 2) than they earned from performance fees (the 20) in 2014.

A lot more.

2.5 times more, in fact.

Why was the 2 so much more meaningful than the 20? Well, it’s hard for the industry to earn performance fees when there isn’t any performance. The average fund generated 1.7% returns last year.

 

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