Bloomberg's Ranking Of Best Paid HF Managers Is Misleading And Stupid

Hedge fund fees might be too high, for a whole host of reasons that merit discussion, but the Bloomberg ranking of highest paid alt managers is so misleading that it's shameful. Here are the last two years.

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Five Hedge Fund Heads Made More Than $1 Billion Each Last Year

The Best-Paid Hedge Fund Managers Made $7.7 Billion in 2018

But cut to the fine print; always in an entirely separate article!

How Bloomberg Calculated the Top Hedge Fund Managers’ Income 02/2020

How Bloomberg Calculated the Top Hedge Fund Managers' Income 02/2019

You see it's not income but Community Adjusted EBITDA Total Hedge Fund Income. Which in English means they counted the returns on their own money invested in the fund as Hedge Fund Income. So you could have been paid zero incentive or salary and been at the top if you started with a lot of money and the fund was up. Brilliant.