Most MDs at PE firms and investment professionals at fundamental hedge funds come from an investment banking and PE junior background having to work their way up. But we all know you're just doing a lot of grunt work (running excel models, pitchbooks, creating presentations) - for all the time spent working at the junior level, does it actually make you a better investor when you become a decision maker later on (whether in public or private equities). I mean for all that time, you could be reading investing books, creating investment theses, etc. What do you all think? Is wall street wrong about: experience at junior levels = better investor?
EDIT: I was talking to a guy who recently got recruited to one of the top fundamental hedge funds and he told he had to read a bunch of investing books on his free time to supplement his experience. Is that necessary and a pre-requisite to getting recruited into top l/s shops or to become a successful PE MD?