Hedge fund fees

I've only skimmed since NYer articles are so long, but fund geeks won't mind. After some history, it seems to be about another stab at a mechanical system to undercut the exorbitant fees of hedge funds. Incidentally, compensation for the best hedge fund managers easily outstrips that of the best CEOs on Wall St.
Also, short list of things, esp. mutual fund contrasts, that Tyler Cowen learned from a journal article.