Over the past few weeks you probably saw signs in retail stores touting "big sales" with discounts of 50% to 70& off. It seems that Wall Street has caught on to main street's way of doing business - discounts, discounts, discounts!

The Renaissance Technologies LLC, a large hedge fund, has waived all of its management fees for 2009. Originally it charged a 1% fixed management fee, but with the new policy it will take a $30 million dollar haircut. However, the other larger Simon's Renaissance Institutional Equities Fund will not cut its management fee in 2009. Other funds are using similar practices. The Citadel Investment Group LLC gave back about $300 million dollars in fees it collected in 2008.

Renaissance, like many other hedge funds, suffered losses in 2008 ranging from 12% to 16% but managed to beat the S & P losses by 4-6%.

Mutual funds and hedge funds are using these unorthodox practices to try and keep their customers and prevent further redemptions by their existing clients. Just like you shop at retail stores for discounts, it might be a good idea to shop around for any deals that your mutual fund or hedge fund are offering but only from top rated funds. It would not be good business sense to take a discount from a fund that has a bad track record just for the sake of getting a discount. Just keep this simple rule in mind: 'in the end you are responsible for your investment decisions" so this year take the time to do your own research rather than relying solely on third party advice.Get as much information as possible but keep in mind that you must decide what is best for you in your circumstances.

Would you invest in a mutual fund or a hedge fund this year?