Why did Buffett not need certifications to set up his hedge funds?
Reading about Buffett's partnerships they sound like hedge funds. However, he did not have significant amounts of money under his management and neither were his partners accredited or qualified investors. My question is how did he get away from having to get any certificates (from passing any of the series?)
For a little more background: He set up a partnership were he was the GP, and the rest of the 7 partners were LPs with no voting rights. His first partnership was set up in the 1950's.
Times have changed. That's like asking why were the robber barons able to manipulate the market. It's not as easy to become mega rich anymore.
Really is it really that simple? I think the Investment advisors act of 1940 was passed in 1940...
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