Today in the New York Times Business section, there is an article about a hedge fund run by form CNBC news anchor Ron Insana (click here for article). The article details Mr. Insana’s quest to become a fund of funds manager and the pitfalls that befell the former market commentator.

The Times does a great job at identifying many of the issues which a start up hedge fund manager will need to be aware of, especially the costs.

In truth, there are thousands of Mr. Insanas desperately trying to raise money from nondescript little offices across the country. Some of them raised $10 million, some raised $100 million or more. And, as money has gotten tighter, and the bloom has come off the hedge fund rose, some have raised none at all.

…

Although the big boys get most of the ink, Mr. Insana’s is a far more common story — and far more representative of what is happening in the land of hedge funds today.

While the landscape for a start up hedge fund manager is a difficult one, it is also one in which a manager can succeed if the manager takes the time to plan accordingly. To quote Yogi Berra, “If you don’t know where you are going, you will wind up somewhere else.”