This will probably stimulate others to follow. Some say that the clone industry will mimic the boom of the ETFs (Exchange Traded Funds). In the fixed income universe the set of individual strategies that can be cloned are numerous though it is hard to see whether past returns can be replicated. The reason is that the volatility in fixed income is currently too small to guarantee returns obtained in the 90s. The back testing period of Bearn Stearns’ strategy starts at a time in which the ten years swap spread was 200 basis points whereas today it lingers around 60 basis points. I would adjust predictions on performance of their strategy according to yield levels seen in the last business cycle. If they can guarantee 3 % over Euribor with the same Sharpe ratio, I would be happy enough.