Market efficiency caught up to them I guess.
With AI in play, even programming jobs are at risk. The HF founders are all analysts, if they can find way to make analysis more efficient with programmers and AI, why would they need more analysts? If you want to be a HF analyst, and keep your job, you probably need to be a rainmaker or a founding analyst.
Founders of funds are all sales guys ultimately brah. You think clients go around finding detailed performance metrics of individual unknown spreadsheet monkeys? No, some guy has to actively call those clients and turn an annoying unsolicited pitch into AUM.
30 years in finance with his background? Doesn’t he have enough money to retire? wth.