A money manager must do all of the technical jobs at an acceptable level just to get in the game. At a minimum, investors require money managers to be able to deliver risk-adjusted alpha at lower cost. We see possible disruptions where funds are highly leveraged, high volatility and highly concentrated. These funds cannot meet the minimum level of technical proficiency and cannot withstand withdrawals during significant down years. We see the average lifespan of a hedge fund is 5 years; within a three-year period about one-third of hedge funds disappear.