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Pirates of Finance
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The Complexity of Institutional Allocation
The narrative of the story is Hugh went from bearish to bullish. He ended up being proven right and everyone redeemed, but it might be much more complicated than that. The way money is managed in this industry, he was running a hedge fund. If I am allocating to someone and they have a dramatic change in style that no longer fits in the bucket in which I have them, right? And so you can't have those managers going anywhere and doing anything. They're highly constrained in those golden handcuffs of sticking to their knitting.
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