I imagine it’s probably pretty good to own a chunk of a lot of franchises like Julian Robertson. Kind of like a McDonald’s model. Just none of them are public.
As always with high-performant hedge funds, it's better to be in the fund than to own the manager--the economics of the business just aren't that good. Why do you suppose the highest returning funds convert to family offices?
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$AMG, up 55% ytd
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