The hedge fund industry has shifted from alpha generators to fee generators: multi-manager 'supermarkets' like Millennium run dozens of billion-dollar pods because large pensions need to deploy huge tickets that small differentiated funds can't absorb, which is why there is little alpha and why average hedge funds barely beat T-bills net of fees and inflation.

causalpending

Speaker

Shrub

Evidence Quote

They're I think they're just like fee they're fee generators now versus alpha generators

Source

The Great Ponzi-fication Of Markets | Weekly RoundupForward Guidance
Created: 6/18/2026, 2:32:33 PM

My Notes

Loading notes...