# Two and twenty

`kaal:entity:two-and-twenty`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `two-and-twenty`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

3 claims across 3 works, 2016 to 2019.

**2016**

- [2739479-012](https://wulfkaal.github.io/claims/2739479-012) [mechanism/argued] -- The stronger performance of activist strategies lets activist private fund managers keep charging the higher 2 and 20 fee structure that other fund managers can no longer demand.
  > The higher performance of this investment strategy allows activist pri- vate fund managers to use the higher 2/20 fee structures, which other fund man- agers can no longer demand.
  Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479

**2017**

- [2998033-032](https://wulfkaal.github.io/claims/2998033-032) [mechanism/argued] -- Blockchain enables managers to charge per transaction fees, and that capability undermines the existing two and twenty fee model.
  > Blockchain technology enables managers to charge per- transaction fees which undermines the existing 2/20 fee model.
  Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033

**2019**

- [3409548-002](https://wulfkaal.github.io/claims/3409548-002) [condition/argued] -- The traditional 2 and 20 fee model has become increasingly difficult to justify, and embracing modern financial products is what allows managers to produce returns that still support that model.
  > In recent years, it became increasingly more difficult to justify the 2 and 20 fee model.4 Embracing modern financial products allows them to produce returns that can still justify that fee model.
  Kaal, Financial Technology and Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3409548

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/two-and-twenty.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.