On the Wintergreen comparison, to my mind having a team of analysts with proven Institutional research and portfolio construction versus one guy who feels his shareholders are lucky he isnt running a hedge fund its an easy call... one has a strong possibility of being worth it, the other doesn't... I may not jump in immediately, but I have an allocation to WGRNX that I have been holding with low conviction for awhile now which has been waiting for a global allocation fund that can short and hold alternate assets... this one might not be it, but its pretty close...

But I agree about the ER though... its always very important and well worth serious consideration once you get beyond a certain level... the thing is even the Vanguard Long/Short fund has an ER of 2% and it barely returns you 4 to 5%... if you are doing global research and asset allocation and shorting your expenses are going to be high... the question is... is it worth it?

Only time will tell... 

Ajw