How many alternative asset managers can you demonstrably say are well run businesses? I am talking about organisations that work smartly not hard, their employees have time to pursue their passions, and they reinvent themselves time and time again. The honest to god truth is that most of these small and mid-sized businesses would fail their own criteria of investable businesses when unmasked. That begs the question, if you are a superior entrepreneur why would you want to answer to a “new boss”, who is ill disciplined, disorganised and dysfunctional? To think that you can draw a distinction between their money and how they manage themselves, is naive at the extreme.