SM fixation on developing interns/grads vs lateral hiring

Just wanted to cross check the my experience of noting no correlation with high returns the strategy of some SMs that pride themselves of having a large % (sometimes all) of their analysts coming from intern programs or developed "in-house" right after college. Those funds use that as marketing that make they seem to attribute this hiring style to their returns. This is so cringe. I see an almost inverse correlation to that - most of the best funds seem to focus on laterals. What about you?

 

Who tf says this? Feel like no fund does this, 95% of good funds won’t even hire out of ug… also looking for the 5% that might as a sophomore in college :)

 

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