Is There Any Magic to Private Equity Funds?

I mean there is no magic to private equity funds international investing hedge funds all of the baloney that gets promoted in Wall Street. No but people seem to manage to create them without the books. The incentives are awesome. It doesn't make anybody any smarter if they hang out a shingle in front of their house that says hedge fund or they had a shingles as asset allocation firm and so on. I backed into the business after working for a mutual fund closed end investment company. There was a sister partnership called Newman and Graham which operated in what would today be called hedge fund style, he said.