> if they had any idea of what they were doing, they wouldn't need to sell Having spent some time in the industry, I disagree, you're always trying to maintain

> if they had any idea of what they were doing, they wouldn't need to sell Having spent some time in the industry, I disagree, you're always trying to maintain or increase AUM. Funds constantly sell to existing and future limited partners (investors). Internal prop trading desks sell to management in order to keep their allocated VaR and to risk for similar reasons. Traders themselves sell to their boss and peers. VCs sell their top quartile-ness. All of the above sell to their junior staff to keep them around. The thing is you don't know if you are good or lucky until many years into your career and someone has to put up the capital until then. Even the top funds with great track records can one day stop producing results, at which point people abandon ship.