for being based in new york, and ostensibly the nation's newspaper of record, the new york times, regularly (either through ignorance or malice, distorts the st

for being based in new york, and ostensibly the nation's newspaper of record, the new york times, regularly (either through ignorance or malice, distorts the story yes - if a hedge fund under-performs, investors still ended up paying a bunch of money for under-performance. I'm not sure what is surprising here. As it relates to incentive fees, the issue that needs to be discussed is when is incentive calculated, is there a claw back, and is there a high-water mark? Different funds' positions on these issues varies considerably, but its not some mysterious subject.