Accessing an actively managed investment product comes with a cost. Some of the fees that managers charge can be confusing and are to be avoided by some investors. Oyster describes different fee structures and nuances of each. He also points out that not only can unnecessary fees detract from performance, so too can poorly timed fund hiring/firing decisions based upon behavioral errors. Managers are often fired after poor performance only to experience better performance thereafter. Pre-hiring performance of managers is strong but not often repeated. Oyster also highlights some of the more common hedge fund fee structures as well as how in response to poor performance, many hedge funds have either lowered fees, become more creative in how fees are structured, or both.