, Columnist
It’s Better to Be Rich Than Right
Also robot economists, M&A fees, jobs leaks and heat delays.
How’s David Einhorn doing?
One apparently out-of-consensus view that I have is that, while most people seem to think that the essential skill of a hedge fund manager is identifying investments that will have high returns, I think that the essential skill of a hedge fund manager is continuing to run a large hedge fund that pays you a lot of money. Obviously those skills overlap, and the most straightforward way to keep your clients is to keep making money for them. But they are conceptually distinct. For instance here is a sequence that you sometimes see hedge fund managers go through: