- These are not just lines on a chart.
They are responsible for the shifting of trillions of dollars in market cap from one group of companies to another.
They are responsible for the collapse of some of the greatest reputations in the investing business, and for the numerous closings of their funds.
These lines have caused divorces and broken marriages among the hedge fund elite, as aging 90’s superstars, who could once reliably bet against highfliers while overweighting cheaper stocks, found they no longer had a viable investment strategy after a decade of free money funding moat-busting disruption and heretofore unfathomable business models. You don’t go home to Greenwich from your Park Avenue office in a good mood when the market makes it a point to remind you of how vestigial your skills have become, day after day after day.