New paths to wealth (buyside)

Hi everyone - I've come to an inconvenient conclusion for those in IM/HF/PE: In short, IM is a terrible business.

Why? You have stiff competition, low barriers to entry, few legitimate competitive advantages, strong "buyer" power (i.e., clients / LPs), plus pricing pressure, sector consolidation, cyclicality, etc. Of course, economics for investors can be fabulous & some excellent managers are out there. Still, most segments within this pretty mature sector face challenges (esp. for fundamental investors in liquid markets).

In light of this, how would you think about building a successful/durable career and/or business model in IM? BTW, I'm talking about exploring potential paths to wealth, not a steady 6-figure job or shot at being a cowboy-style PM for a few years.

A couple topics come to mind: (1) Competitive advantages --> can come from a specialized skill set / strategy (relevant for some PE or activist shops), or (2) a sticky capital base (e.g., drawdown fund, listed entity, blue chip LPs, etc. ... GPs attract the quality of capital they deserve though, so most can't float a $1bb+ permanent capital vehicle like Icahn/Loeb).

Anyway, hope to hear fresh perspectives from those of you on the buyside. Cheers!