I put in a bit about Buffett Partnership above. Much more favorable pricing scheme (forexample in 2 and 20 or 2 and 15 the hedge folks don't ameliorate losses),

I put in a bit about Buffett Partnership above. Much more favorable pricing scheme (forexample in 2 and 20 or 2 and 15 the hedge folks don't ameliorate losses), and it was a family and friends partnership He was indeed an activist investor. But he was an activist investor for dirt cheap, doing the dirt cheap things. Same for the use of insurance float (the cheapest money around) for alternative investments (the cheapest ones he could get). (you could definitely argue that 50 over the higher threshhold is very different tho)