Matt Levine, Columnist

Whose Money Should You Manage?

Also more Fannie and Freddie, antitrust shareholder lawsuits and an NFT ETF.

June 4, 2025 at 5:55 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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If you are good at investing, there are two classic ways to make money:

The first approach has the advantage that you get 100% of the profits. The second approach only gives you 20% of the profits, but it has the advantages that (1) you can get 20% of the profits on a larger amount of money (if a lot of people give you their money) and (2) if you lose the money that’s someone else’s problem. Which should you choose?