Everyone hears about the big hedge fund tycoons like Bill Ackman and Ray Dalio, but how does one actually get to a level like that? Please share your ideas/comments if you aspire to be like them.
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I'd recommend reading the book Dalio wrote, Principles.
Pump and Dump
The easy way- know people with money. Ackman graduated from Harvard and teamed up with some classmates to start a fund/his father was an investor and probably knew who to hit up for assets. Then he started bidding for NYC real estate, which helped drive investors to his fund. He also won a short battle with MBIA, but that's a different story.
Hard way-be really, really, really good, or really, really, really lucky. Sometimes you have to be both. Being good is self-explanatory. I think it was John Paulson who made a shit ton during the recession because of his short positions, but hasn't really done anything since.
The way to look at it is you just need to do one thing good, or have one massive trade and you will be set. That actually applies to a lot of fields. A use to work with a guy who was a hairline below Olympic level in ice skating, but who worked as a skating coach. He explained a lot to me about how if you win one gold medal (no small feat), you basically print money in appearance fees on the ice skating circuit. Another example is golf; they say winning the Masters equals ~$10mn in endorsements and appearance fees alone. Again, no small feat, but you essentially don't have to do anything again and you still get that.
Awesome, thanks for the feedback.
what has this forum become
*come to OR *become would be the better way to phrase that
?
“How Does One Become A Portfoilio Manager Like Bill Ackman?”
Start by having zero risk controls and discipline, follow it up with extended periods of significant underperformance.
Why is Bill Ackman the example being used here? He continues to underperform and take massive losses on undisciplined investments.
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