Skin in the game matters. Most mutual fund managers have $0 invested in their own fund. Also, be skeptical of everything you read and hear on TV and assume everyone has an agenda.https://twitter.com/jbarro/status/1354831249286819843 …
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The principals definitely have money invested. The employees (including ones in pod shops who may run significant aum) may or may not. If they do it is often because they have deferred bonus which is invested in the fund for them.
Schonfeld is a notable counterexample I think. Structured so that significant pods have their own investment vehicles, and the traders invest in their own vehicle alongside the master fund.