macrocephalopod

Of people who don’t already run or work at a hedge fund? Would think about @goodalexander @KrisAbdelmessih though would still want to see track. Don’t know what @modestproposal1 or @MagnusMacro do for a living but could be good candidate too. Bar is very high!

Lots of people who already run a fund or equivalent who I would invest with if they had capacity and I could meet the minimums — @MidwestHedgie @NewRiverInvest @jam_croissant @mark_dow @SuperMugatu for example

Obviously it would be conditional on them having a large % of their net worth invested alongside. Big problem is that if someone starts a fund they can’t continue to trade in the same way they do in their PA — larger size makes it more difficult to be nimble, and

reporting request, compliance and fee structure induce people to be more conservative than they otherwise would be. Optimal fee structure is like 0%/20% but you can’t run a business like that! Expenses + 10% could be a good compromise.

nah, 1.5 & 20 works good

What would you do differently if you had an expense pass through instead of mgmt fee, i.e. mgmt fee = expenses (rent, data, admin + legal, salaries, contractual payouts for sub-PMs) plus a performance fee that left your annual profit unchanged in expectation?

1.5 basically covers everyone's base salaries and our expenses. i don't know about everyone, but the level of available mgmt fee is basically the ceiling to our hiring. when we had room there, we hired. are you offering a model where we get to charge you more when we hire more?