confession: I don’t get how some of these funds that continually underperform still have any AUM. your performance is like negative double digits over 10 years, how does anyone still believe in you???
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A bunch with good returns pre 2010 even though last 10Y have been shorty (eg Odey). A bunch with hyper committed capital (partner or family). A bunch where they lose money by design in up markets but are good hedges (tail risk, short bias). Can’t explain the rest
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Cannot emphasise how much investor constraints/biases lead to terrible allocation decisions. My favourite is an allocator who begged us to restructure a fund in a way which would have lead them to pay us ~5% of aum in fees because it looked better for them personally
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