At the 10th annual Walkers Fundamentals Hedge Fund Seminar, Ingrid Pierce, global managing partner of Walkers Global, engaged in an “armchair conversation” with Paul N. Roth, founding partner of Schulte Roth & Zabel, who is also known as the “dean of the hedge fund bar.” Roth offered insights and lessons from his 50-plus years advising hedge fund managers and investors. This article summarizes the key takeaways from their conversation. For additional insight from Roth and Pierce, respectively, see “Schulte, Cleary and MoFo Partners Discuss How the Final and Proposed JOBS Act Rules Will Impact Hedge Fund Managers and Their Funds” (Jul. 25, 2013); and “Eight Recommendations for Hedge Fund Managers That Utilize Most Favored Nation Provisions in Side Letters” (Mar. 31, 2012). For coverage of the Walkers Fundamentals Hedge Fund Seminar from prior years, see: 2016 Seminar; 2015 Seminar; 2014 Seminar; 2013 Seminar; 2012 Seminar; 2011 Seminar; and 2009 Seminar.