Hedge Fund Leaders Are Being Replaced By Fish Stick Kings

As hedge fund returns have been lackluster over the past several years, something interesting has been occurring on the Forbes 400 list of the wealthiest US residents. Investment fund managers have been falling by the wayside. There are currently 22% less investment fund managers on the list, Forbes columnist Nathan Vardi noted, and they have been replaced by the likes of “a fish stick king, meat processor, vodka distiller, ice tea brewer and hair care products peddler.” With such a list of oddballs displacing the once-vaunted hedge fund manager, what is the world coming to?

[buffett]

The problem is not so much that the...