Funny to talk about credentials. As far as I can tell, the purpose of credentials when hiring hedge fund managers is so that when the hedge fund loses money, you can say, “Look, we did our best, we hired the best people.” Then you can swap in a new set of hedge fund managers with the same credentials and repeat.

(Edit: Hedge funds naturally lose money some of the time, and investors naturally get angry when that happens and look for someone to blame, and hiring someone who has good credentials lets you pass the blame, instead of having to explain to your investors that hedge funds just sometimes lose money. I’m not trying to tie this to the discussion about whether hedge funds work or not, just talking about how they operate.)