The 2012 version of Rothstein Kass’ annual hedge fund industry survey assessed manager sentiment and trends across a wide range of relevant areas, including: structuring and choice of entity; ownership and management of hedge fund firms by women and minorities; seeding; consolidation and chief business concerns among manager principals; use of leverage; the interaction among leverage, tax and capital raising; sources of capital and expectations with respect to investor sentiment; length of the due diligence process; fee and other concessions in exchange for investments; technology; lock-ups; outsourcing; gates; hiring expectations with respect to CCOs, CFOs and CTOs; family office conversions; investor qualification; and Form PF.  This survey results were explained in a report (Report), which also included insight from Rothstein Kass principals.  This article provides a detailed summary of the key points of the Report.