Matt Levine, Columnist

Good Hedge Funds Had a Good Year

Also revenge, more revenge, and CoCos.

A public-company chief executive officer has two main ways to make money from her job each year:

A company could go with all one or the other, and some companies do: A family-owned company might hire an outside manager, give her no equity, and pay her purely in cash; a startup founder-CEO might take no salary and be motivated solely by her part-ownership of the company. But for most normal public companies, it’s a mix of the two.