Yeah that's how I'm reading it but then I guess the question then becomes whether the projections were made specifically with a hedge fund strategy in mind or if they would have been the same for a more conventional investment approach.

I'm not trying to discount the take-away that the fees are very high regardless of the projection basis, but I think it's important to understand the difference. If these criticisms are not clearly reasoned or communicated, I think that fuels the perception in the financial community that these complaints are hysterical and unfounded and should be dismissed.