Posted By:
JimCrandellChad,
As you undoubtedly know all hedge funds aren't hedged--you can be 100% long and unhedged.
On illiquidity, you could put the cards in a Robert Edward auction or one of the Evil Empire's.
As to where they can can get the cards--buy them at auction, from dealers and solicit collectors.
Lastly, if it is a diversified fund you don't necessarily need $30-$40mm.
Jim