Daniel Gross notes that some strange people are suddenly starting hedge funds. For instance, former Secretary of State Madeline Albright, who never managed a dime previously:
Former foreign-policy hands such as Henry Kissinger supply advice to hedge funds and Fortune 500 companies on how geopolitical events affect their investments. Albright is taking this practice a few rungs up the value chain. Rather than simply sell advice based on her experience and connections, she’s selling investment-management services based on her experience and connections. Investment management has much higher profit margins.
As investment management continues to become more of a commodity firms and funds will continue to cut these Connections as Currency type deals.
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