A Fund of His Own

"I don't care how brilliant your trades are," Lena told Ethan on her first day. "If your positions don't reconcile, your investors will assume fraud. If your liquidity terms don't match your assets, you will deserve the run you get. If your risk reports are poetry, I will quit." "Welcome to Ghostline," Ethan said. Raising capital was brutal. Family offices took meetings out of curiosity and passed out of self-preservation. Fund-of-funds asked whether Marcus had blessed the launch. Pension consultants liked the strategy but not the headline risk. One allocator asked directly whether Ethan had a vendetta against Atlas Meridian. "I have a process," Ethan said. "Processes don't get sued. People do." "Then underwrite the person."