Chats with Ilya on hedge funds

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