1. Market the heck out of your fund to get it real big.
2. Run it straight for a few years, but then really hammer the fund with crazy bad expenses (and possible self dealing -- but keep it legal) Do so poorly that any account with a pulse will withdraw all their funds.
3. What's left over is free money for you draw down as 'expenses' for as long as it lasts.
That's a remarkably accurate description of events. It's the "Springtime for Hitler" of funds. Because the fund is so bad there is no one left to hold you to account. The incredible thing is that they could have kept it going indefinitely if they hadn't been so greedy. Just stick all the money in a basket of stocks to replicate an index fund, set annual "expenses" at right around replacement rate (3-4%), and go live in St. Barts.
2. Run it straight for a few years, but then really hammer the fund with crazy bad expenses (and possible self dealing -- but keep it legal) Do so poorly that any account with a pulse will withdraw all their funds.
3. What's left over is free money for you draw down as 'expenses' for as long as it lasts.