ASK THE PRO

Not everyone can. The SEC requires investors in hedge funds to have a net worth over $1 million and have earned over $200,000 individually for the last two years, or $300,000 for the last two years if you file jointly.

Why are their managers treated like celebrities?

Because of the power and respect they hold, and the money they make. They can move stock prices and influence corporate management. Hedge-fund manager Edward Lampert engineered the Sears Kmart merger and earned $1 billion last year.

How high are fees for investors?

The average is probably around 1.5 percent of assets a year plus 20 percent of profits. Some charge much more.

What do you worry about?