How incentives work for a HF manager:
Lose 15%. Lose 15%. Make 60% 
. TR of 15.6%. —> “Guy’s a genius”
Make 10%. Make 10%. Make 10%. TR of 33.1% —> “Never heard of the guy”
Or if you are Odey -- Lose 13%. Lose 49%. Lose 22% Make 53% TR of -47%, "Guy's a genius".
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What can I say
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