Ever met a hedge fund manager that gives back fees if future years are bad?

Me neither, until I met this manager.

I first heard of this manager in a September 2005 interview she had with the excellent investment newsletter called Value Investor Insight.

She gave the interview shortly after leaving Legg Mason where she worked with the legendary Bill Miller for more than 10 years.

The interview was full of valuable insights that made me a better investor.

For example: