Hedge fund manager Jonathan Hoenig wants you to know he's not trying to be elitist. "There's this perception that hedge funds are exclusive, but that perception is born from the regulations," he says. Those regulations include limits around the investors the fund can accept and, until last September, a long-standing ban on hedge fund advertising and other forms of general solicitation.

To prove the point, Hoenig stepped out with a print advertisement for his Chicago-based firm, Capitalistpig, even before a Jumpstart Our Business Startups Act provision made the practice legal. "Like any other business, my goal is gaining customers," says Hoenig, who currently has $21 million under management and claims a 424.2% total return since the fund's inception on Aug. 1, 2000. He says he hasn't yet heard from the SEC about jumping the gun with the ad.

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