Who or What You Know? (Debate)

I want to hear all your best arguments on either side across private equity, hedge funds and investment banking. Is knowledge/skills the distinguishing factor in who succeeds in these areas or network?

Most would say senior bankers in IB is network, HF analysts/sector heads is more knowledge/skills, however, does anyone have any counterarguments? What about at the HF portfolio manager/CEO level? How much does intelligence matter at mid/senior levels in PE firms and hedge funds?

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