A friend and fellow ex-Wall Streeter notes: "All hedge funds are smart. Period. End of story. Whenever you can gamble with other people's money and get paid on

A friend and fellow ex-Wall Streeter notes: "All hedge funds are smart. Period. End of story. Whenever you can gamble with other people's money and get paid on the wins and eat none of the losses, that's the real win. Anything after that is gravy." [edited in honor of grammar nazis]