In this episode, Ted Seides, the former co-chief investment officer of Protege Partners, shares his insights from his time in the hedge fund industry. He reflects on his early career with David Swensen at the Yale endowment, highlighting valuable lessons about selecting managers and understanding fee structures. Seides discusses the current challenges of raising capital and offers his thoughts on the future of hedge funds. He stresses the need for managers to possess strong analytical skills and the ability to create successful businesses. Additionally, he urges allocators to adopt a more sophisticated approach to evaluating fees and considering the cost of capital. Seides also explores innovative fee structures and shares his perspective on how the industry is evolving in response to increased competition and shifting investor expectations.
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