As the hedge fund industry continues to face challenges, it has never been more important for managers to ensure that they align their interests with those of their clients and provide first-rate service to their investors. The Hedge Fund Law Report recently interviewed Joel Katzman, president of Katzman Advisors, former president and CEO of J.P. Morgan Alternative Asset Management and a panelist at the 2018 Cayman Alternative Investment Summit. This article presents Katzman’s views on several of the current challenges facing the industry and provides his perspectives on the things that matter most to hedge fund allocators. For additional insights on the evolution of the hedge fund industry, see “How to Prepare for the Technological Revolution’s Transformation of the Hedge Fund Industry” (Apr. 5, 2018); and “Schulte Roth & Zabel Founding Partner Paul Roth Discusses the History and Future of the Hedge Fund Industry” (Feb. 8, 2018).