  We present an efficient method for computing the zero frequency limit of
transport coefficients in strongly coupled field theories described
holographically by higher derivative gravity theories. Hydrodynamic parameters
such as shear viscosity and conductivity can be obtained by computing residues
of poles of the off-shell lagrangian density. We clarify in which sense these
coefficients can be thought of as effective couplings at the horizon, and
present analytic, Wald-like formulae for the shear viscosity and conductivity
in a large class of general higher derivative lagrangians. We show how to apply
our methods to systems at zero temperature but finite chemical potential. Our
results imply that such theories satisfy $\eta/s=1/4\pi$ universally in the
Einstein-Maxwell sector. Likewise, the zero frequency limit of the real part of
the conductivity for such systems is shown to be universally zero, and we
conjecture that higher derivative corrections in this sector do not modify this
result to all orders in perturbation theory.
