I have been interested in a career in AM/HF for some time but wondered how more traditional, value-oriented funds make money. From reading investment books and learning finance I have come to a conclusion that long term investing is the best. But how does this work at a fund, where short-term investments are necessary as there are internal and external pressures to make money? How do you build rapport, when you recommend an investment that will have a 3+ years of holding period or if your investment is still not sold when you leave the fund? Maybe I have the wrong understanding about all this, but if someone could elaborate that'd be great. Thank you.