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- Management fees are too high to be sustainable for funds sized below 300 million
- Funds sized above 300 million tend to have a shelf life of 10 years
- staying motivated and dedicated to the business is hard when you already have a lot of cash
- funds that last for a long time have founders who are absolutely focused on building up an institution that will sustain beyond the founder
- it is much more lucrative to build and own the system than to be working in the system
- Sharpe ratio above 1.5 is acceptable
- SnP Sharpe ratio tends to be really low
- important to figure out how to still generate returns in a down market
- qualitative assessment of the business model is what drives outsized investment returns