When companies calculate their breakeven points, they often come at it from the perspective of how much revenue they require to cover their expenses: “If we don’t sell $2 million worth of widgets this year, we’ll face a shortfall and we’ll need to downsize.” Similarly, a hedge fund manager may ask: “What level of assets and performance do I need to cover my expenses?” However, the hedge fund business model allows for a different approach. Since hedge funds have a fixed revenue stream – their man