Since the onset of the credit crisis, the imposition of gates limiting redemptions from hedge funds has become increasingly common.  However, there was a time, not too long ago, when the lowering of a gate was a hedge fund industry taboo – a sign of imminent and irrevocable decline.  We explain what gates are, explore the rationale for lowering them in times of stress and discuss the increasing frequency of use of gates (and the concomitant fading of the old stigma).