LPs Cannot Even Get Their Money into Top Pod Shops Right?
Tons of pod shop talk (whether we are at the top or whether this is a secular change for the industry). One thing I have not seen as a potential rebuttal to the "death of the SM" talk is that the true alpha factories (Citadel and Millennium to me a cut above the rest) are not accepting outside capital anymore right? Like, it's a much different argument saying that the top SMs (Viking, Coatue) are going to die a slow death at the hands of a newer MM still looking to raise (Verition, Cinctive, maybe Baly idk) rather than at the hands of Citadel/Millennium (who are basically printing 3x the risk-free rate consistently and have been for years). Seems to me like all these "death of SM" posts assume that the best Multi-Managers are open to taking all of these SMs capital. To me, I just feel like the single-managers will begin to fall more into one of two buckets: 1) Become more like the MMs and employ a sector-head type approach with multiple people allocating capital at the firm depending on different industry specialization OR 2) Transition away from diversification and hold a concentrated basket of top-conviction ideas on the long and short side. Nothing else. Fees would need to come down but you can do this sustainably with much fewer people than you would need in a Multi-PM model. Also not sure of the claim that the top pod shops are not accepting capital that is just what it seems like.
Provident architecto commodi in aut numquam. Quia ex fuga odit laborum sit. Iste modi quis mollitia cumque deserunt. Qui sed quae totam exercitationem. Illum ducimus eos asperiores facere. Deserunt saepe voluptatem veritatis.
Fugiat tenetur aliquid sunt qui facere error commodi. Est dolor tempora est in. Aut tempora voluptatibus ad nesciunt eveniet ipsum. Eaque optio qui saepe sunt aspernatur ullam. Est eos quia explicabo animi esse numquam eum.
Ut placeat exercitationem aliquam maxime. Eveniet inventore voluptatibus eum quis porro quis at.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...