I don't know why anyone would invest in a fund that does not have the managers keep a large portion of their own net worth tied up in the fund. There is a huge

I don't know why anyone would invest in a fund that does not have the managers keep a large portion of their own net worth tied up in the fund. There is a huge information asymmetry. The investor does not know if the fund performs well because the manager is brilliant, or if it's because the risk profile is far worse than advertised.