The cliche among hedge fund guys is to be "long term greedy" not "short term greedy", which explains why some funds try to be more investor friendly with fees. You also have flukes like Berkshire that seem to have undercharged simply out of benevolence. I don't really discuss my investments much, but I mostly do not invest in hedge funds for reasons of tax efficiency--a restriction that doesn't apply to many institutional investors. The one fund I am invested in has significantly outperformed with low risk during my holding period. The funds that I would invest in are small funds that probably no one here has heard of.
