Which is how you end up with Access Funds who charge fees to put money into other hedge funds which they got capital into early and performed well. So now to g

Which is how you end up with Access Funds who charge fees to put money into other hedge funds which they got capital into early and performed well. So now to get into a very successful fund you're paying two sets of fees and praying that they continue to outperform. Hedge funds are at best going to net break even as an industry after fees, quite probably negative. So to look at "Funds of funds" and say they're a good idea is pretty mind boggling.