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Make sure you know which calculator to bring to your test. You know what they say: don't bring a buffalo chip to an Ultimate Frisbee tournament. I lost a lot of friends that day...

A Sidebar on Hedge Funds

A Sidebar on Hedge Funds

A Non-Series-7-Related Sidebar

Hedge funds operate with similar carry structures to venture capital funds but have different structural issues:

Hedge funds can be enormous in size, managing tens of billions; Venture funds larger than even half a billion dollars are rare because there just aren’t that many good deals to go around. (So 20% carry of a $3 billion hedge fund is likely waaaay more lucrative than 30% carry in a $400 million venture fund.)

Hedge funds have liquidity: that is, i...

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