Paraphrasing Pournelle's Iron Law of Bureaucracy[a]: Initially, the hedge fund was formed and run by people devoted to the goals of the church, such as dedicate

Paraphrasing Pournelle's Iron Law of Bureaucracy[a]: Initially, the hedge fund was formed and run by people devoted to the goals of the church, such as dedicated missionaries. Over time, the hedge fund has been taken over by managers devoted to the goals of the hedge fund itself. University endowments are hedge funds too -- they have universities instead of churches attached to them. [a] https://www.jerrypournelle.com/reports/jerryp/iron.html https://www.jerrypournelle.com/reports/jerryp/iron.html