* Categorise gatekeepers

A gatekeeper can be defined as anyone who is responsible for selecting, screening and eventually allocating capital on behalf of others. Many gatekeepers exhibit similar qualities in the way they view and evaluate hedge fund investments and this has led to categorise gatekeepers as follows:

1. The Good
– forward thinking, sophisticated and independent thinkers.

2. The Bad
– unsophisticated, alarmists and having a tendency to generalise.

3. The Ugly
– sophisticated, crowd followers and often victims of their large size.