The Last Tycoons ... When I Helped Lazard Launch Their Hedge Fund Business And Brought In Their First Outside Investors Institutions, Even Such Special Ones, Were Not trusted in such an entrepreneurial endeavor so I was forced to trade on personal credibility in market and strategy timing and assessment and relationships - implicitly promising to monitor management and keep investors informed ... This macro analysis produced outsize returns for a sufficient period but the original spirit and exceptionalism of hedge funds is required for persistent outperformance and I would expect current over concentration in asset management and increasing volatility to usher in its return ...