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Many hedge fund managers have become billionaires; perhaps this - plus their reputations as the smartest guys in the room - is why they have captured the investing public's imagination.

Hedge-fund managers make too much money relative to their social utility. I wish their rewards were a bit closer to those of, say, schoolteachers.

Insider trading by hedge funds has a long and distinguished history, dating to the days when people didn't know that there was such a thing as a hedge fund.

In questioning initially whether I am a great investor, I open the door to question whether other similarly esteemed public icons like Bill Miller are as well. It seems, perhaps, that the longer and longer you keep at it in this business the more and more time you have to expose your Achilles heel - wherever and whatever that might be.

I think the hedge-fund industry has taken a reputational turn for the worse, this dog-eat-dog stuff. I'm not just talking about Herbalife or J. C. Penney, but in other situations where the media really focuses on who's long and who's short. I don't think it's a good thing for the industry.

I think very few people still understand the distinction between CEOs on Wall Street and the hedge-fund billionaires operating separately.

You can't have bank holding companies acting as hedge funds. You can't have them taking a million-dollar pension plan for Joe Schmo the bus driver and treat it with the same risk appetite that you treat George Soros' pocket money. It's fundamentally ridiculous.

Some hedge fund managers have made big bucks trading oil futures - George Soros is one.

The 1969 experience has been a rude awakening for many hedge-fund investors and has left some of them with strong reservations about the whole concept. For the first time in their relatively short history, the funds are not growing: in fact, some have suffered large withdrawals of capital, and a few have actually folded.

In 2008, people who invested in hedge funds needed capital badly, but many of the funds would not return their money. However, I gave money back to any investor who requested it. It was the bottom of the market and a pretty tough time.