In an article in our October 10, 2008 issue, on the topic of high water marks, we referred to a memorable and insightful quote from Reid Bernstein that was featured in a September 2, 2008 article in The Wall Street Journal.  That quote, as true now as it was two months ago, was: “Down is down and as the saying goes, you can’t eat relative returns.”  Mr. Bernstein is head of OneCapital Management Partners, a New York firm that invests in hedge funds.  Our article incorrectly referred to Mr. Bernstein as Brian Epstein.