As Matt Levine wrote > It’s a little weird for a mutual-fund or hedge-fund manager to have a lot of uninvested assets (why are you charging fees on a big cash

As Matt Levine wrote > It’s a little weird for a mutual-fund or hedge-fund manager to have a lot of uninvested assets (why are you charging fees on a big cash position?), while it’s perfectly normal for private-equity managers to invest a bit of their fund at a time and call capital later as it is needed. So how much of a bias is there in behavior is there in practice and rhetoric against cutting your losses, pulling out, and waiting for things to be less volatile/risky-seeming?