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Michael P. Regan

The Incredible Shrinking Hedge-Fund Fee

Hedge-fund performance fees are falling, and with good reason.
Greek Orthodox Church
Photographer: Thomas Trutschel

There’s a lot to be amused about in the tale of the Rev. Emmanuel Lemelson, the Greek Orthodox priest who moonlights as a hedge-fund manager. Or is he a hedge-fund manager who moonlights as a priest? Hard to say. Maybe it all depends on your denomination.

First, there are the two rules he requires of his flock (talking about his investors here, not his congregation): Pray for the fund and disregard short-term performance, according to the profile of Lemelson in Tuesday’s Wall Street Journal. There is the epiphany Lemelson said he had when he discovered the "good book" -- that would be “The Intelligent Investor” by Benjamin Graham. There’s the candid truth that when investment seeds fall on rocky ground, even men of the cloth stop reporting returns to industry-tracking services like BarclaysHedge.