29 Jul 2016 Billionaire investor Howard Marks just dissed hedge fund 'geniuses' ( Portfolio )

"I wrote a memo on hedge funds in 2004, and what I said then was when I first learned about hedge funds, which is probably in the '70s, there are 10 hedge funds ran by 10 geniuses. And in 2004, I said today there are 5,000 hedge funds, and I don't think they're run by 5,000 geniuses. Today we're probably up to 10,000."