On: Where Are the Customers' Yachts? Or a Good Hard Lo...

[user5994461]

> 4) If there are good managers, the investment world is winner take all and they will accumulate a lot of assets.

Unlikely. Any winning strategy is limited by the funds you have and the liquidity available in the markets.

[wtvanhest → user5994461]

Funds flow to winning strategies in the investment world so a repeatable strategy will grow their assets very very quickly. Liquidity of markets is the limiting factor.

[user5994461 → wtvanhest]

In the context of multi-billion dollars edge funds and investment banks, they always have money to play with.

For everyone else, it's a high barrier to entry. An edge is of limited value if you don't have the xx M$ to risk on it.