Hedge Fund Dream Job Is Vanishing

There's a Bloomberg article today on the demise of that hedge fund dream job.

Wall Street

Bud Fox: You know what my dream is? It's to one day be on the other end of that phone.
Marv: Oh, you got it, baby, where the real cheesecake is.

The hedge fund industry has became a sunset industry. In particularly, I refer to that of the discretionary human portfolio manager. Once standing at the pinnacle of the financial industry, human portfolio managers has come under threat from quantitative investment strategies, poor returns, passive ETFs, robo-advisors, artificial intelligence, and so on. Once the average fee structure is "2 and 20" (2% management fee, 20% performance fee), now hedge funds are charging less and less. This is a structural long-term challenge and disruption and one I don't foresee being able to turn a tide.

All I can say is, I'm glad I managed to make some hay while the sun shines.