"Price is what you pay. Value is what you get." Warren Buffett
Value is at the heart of a hedge fund. If there is a question over the worth of the portfolio, there are questions about the fund itself. The subprime crisis has highlighted the dangers inherent in getting pricing wrong. If the pricing of an asset is in question, how can anyone know what it is worth? This goes to the very heart of the financial system. It speaks to integrity, to honour and to the stability of any fund.