Paradigm shifts, in the financial world and outside of it, are often accompanied by a fundamental document; and the tectonic shift in the hedge fund world – the tipping in favor of investors – has acquired its own emblematic text.  That text is the “Summary of Preferred Hedge Fund Terms” (Summary) recently drafted by Larry Powell, Deputy Chief Investment Officer of the $16 billion Utah Retirement Systems, and it has been making the rounds among hedge fund managers and institutional investors.  Generally, the Summary calls for lower management and performance fees; the recognition of economies of scale in management fee arrangements and the passing on of those economies to investors; restructuring of performance fees so that the timing of payment matches the timing of realization of investments; liquidity that more closely matches the liabilities and time horizons of different investors; more prudent use of leverage; and increased transparency.  We offer a detailed description and discussion of the Summary, and industry reactions to it.