I don’t think it’s useful to see a “fund” or a “product.” These are just temporary collections of flawed, brilliant people, who in any given year decide to make a sequel to the movie they made the prior year. The only product is the set of future decisions the portfolio manager makes. If they get divorced or depressed, if their second in command leaves, the “product” completely changes. Calling it a product ignores the reality that the only source of stability is whether the mindset of the team leader is resilient or even antifragile (Nassim Taleb’s notion of actually getting stronger with
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