Create and sustain trust through transparency. As opacity recedes, money holders will see who has been working with their best interest at heart. We foresee the doom of the black box hedge fund model. According to Amanda Tepper, CEO of Chestnut Advisory Group, “investors are increasingly demanding clear, concise and consistent communication from their asset managers. In a recent Chestnut investor survey, 92% of respondents said they view investor communication as integral to an asset manager’s mission.” In addition to investor demands, money managers must comply with an increasing array of regulatory requirements. That said, regulators have a history of protecting us from the problems of the last crisis, not the next one. As self-protection, we see increasing use of self-regulation. For example, some private investment firms will establish active executive boards similar to public companies, to give money holders and intermediaries comfort that decisions are being made thoughtfully and to create checks and balances on the historically all-powerful or cult CIO. We expect the current largely manual and sporadic due diligence process to be revamped to include more systematic, ongoing oversight and governance.