An opportunity to invest in cash and pay 2 and 20

Bloomberg has a story this morning about how some high-profile hedge fund managers—Steven Cohen, David Einhorn, Paul Singer—are opening up their funds to new investors for the first time in years. Seems they're having luck raising money, even as many of their peers are being forced to dump positions to meet redemptions.

As for what you get in return—well, that's the thing. As the Journal recently reported, a number of hedgies have moved to large cash positions after deciding to sit this market out. (A lot more have moved to cash because investors want their money back, but that's a different story.)

One of the prime examples in the Journal's piece: Steven Cohen. He's reportedly moved about half of the $14 billion in SAC Capital Advisors into money-market and other short-term securities, and plans to keep it that way for the rest of the year. Investing in cash under a hedge-fund fee structure. And here we thought they'd already thought of everything.

Barbara!