In case anybody is interested, I used to be a money manager. My fees went like this:

Thanks very much, I was curious about how you ran your fund. Sure you don't want to re-open it? :)
Your fees were definitely more favorable to the customer.

I'm assuming that you were, indeed, able to "beat the market" while you were running the fund.
I'd like to hear about that, because in addition to concerns about fees, one has to wonder if a given manager really can deliver value over time.
It's really easy for us to just say "that's impossible" but I do believe there are wise folks out there who can do very well.

Hayes reports these returns net of all fees:
2023 - 67% (SP500 26%) gap +41%
2024 - 18% (SP500 25%) gap -8%
2025 - 46% (SP500 18%) gap +28%

It looks like his fund only registered as an investment advisory firm in 2023, so apparently that's his only track record.
Aside from what he made for UBS anyway.


Mark