🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 16 (from laksa171)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa016.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical, ml_categories_json AS ml_categories_json, ml_types_json AS ml_types_json, ml_intent_types_json AS ml_intent_types_json, meta_language AS meta_language, attrs_author AS attrs_author, ifNull(toUnixTimestamp(attrs_publish_time), 0) AS attrs_publish_time, ifNull(toUnixTimestamp(attrs_original_publish_time), 0) AS attrs_original_publish_time, ifNull(attrs_is_republished, 0) AS attrs_is_republished, ifNull(attrs_nr_words, 0) AS attrs_nr_words, ifNull(attrs_boilerpipe_nr_words, 0) AS attrs_boilerpipe_nr_words, ifNull(body_ext_links_number, 0) AS body_ext_links_number, ifNull(body_int_links_number, 0) AS body_int_links_number, ifNull(meta_nofollow, 0) AS meta_nofollow, ifNull(meta_noarchive, 0) AS meta_noarchive, ifNull(props_was_rendered, 0) AS props_was_rendered, ifNull(src_redirect, \'\') AS src_redirect, ifNull(download_time_msec, 0) AS download_time_msec, ifNull(download_ttfb_msec, 0) AS download_ttfb_msec, ifNull(download_size, 0) AS download_size FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.bloomberg.com/opinion/newsletters/2025-09-10/everyone-wants-a-wounded-lion\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.bloomberg.com/opinion/newsletters/2025-09-10/everyone-wants-a-wounded-lion\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.bloomberg.com\/opinion\/newsletters\/2025-09-10\/everyone-wants-a-wounded-lion","crawl_time":1773955479,"first_indexed_time":1757535906,"http_code":200,"src_unparsed":"com,bloomberg!www,\/opinion\/newsletters\/2025-09-10\/everyone-wants-a-wounded-lion s443","src_root_hash":"14533286998873371416","history_drop_reason":null,"meta_title":"Everyone Wants a Wounded Lion - Bloomberg","meta_descriptions":["Hedge-fund hiring, stablecoin competition, Robinhood Social and OnlyFans taxes."],"attrs_boilerpipe_text":"The central fact of financial industry compensation is that agents get a call option on their principals’ returns. If you give me a billion dollars to manage, and I turn it into $2 billion (a 100% return), I’m going to charge you at least $200 million for that service, and you will be thrilled to pay it. That level of investing skill is rare and valuable, and the going rate for it is at least 20% of gains. If, however, you give me a billion dollars to manage, and I turn it into $0 (a negative 100% return), I am not generally going to refund you $200 million, or anything. If I lose 100% of your money, I probably don’t have $200 million of my own money lying around, so I couldn’t give you a refund even if I wanted to.\nSo my exposure to your returns has the shape of a call option: I get nothing if you get nothing, I get some linear share of your profit if you make money, and I lose nothing if you lose money. I get the upside of your returns, but not the downside.","attrs_markdown":"Your browser is out of date so some features on this site might break. Try a different browser or update this browser. [Learn more](https:\/\/www.bloomberg.com\/help\/question\/recommended-browsers-site).✕\n\n[Skip to content](https:\/\/www.bloomberg.com\/opinion\/newsletters\/2025-09-10\/everyone-wants-a-wounded-lion#that-jump-content--default)\n\n[Bloomberg the Company & Its ProductsThe Company & its Products](https:\/\/www.bloomberg.com\/company\/?utm_source=bloomberg-menu&utm_medium=bcom)[Bloomberg Terminal Demo Request](https:\/\/www.bloomberg.com\/professional\/contact-menu\/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-DEMO-bbgmenu)[Bloomberg Anywhere Remote LoginBloomberg Anywhere Login](https:\/\/bba.bloomberg.net\/?utm_source=bloomberg-menu&utm_medium=bcom)[Bloomberg Customer SupportCustomer Support](https:\/\/www.bloomberg.com\/professional\/support\/?utm_source=bloomberg-menu&utm_medium=bcom)\n\n- ### Bloomberg\n  Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world\n  ### For Customers\n  - [Bloomberg Anywhere Remote Login](https:\/\/bba.bloomberg.net\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Software Updates](https:\/\/www.bloomberg.com\/professional\/support\/customer-support\/software-updates\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Manage Products and Account Information](https:\/\/service.bloomberg.com\/portal\/sessions\/new?utm_source=bloomberg-menu&utm_medium=bcom)\n  ### Support\n  Americas\\+1 212 318 2000\n  \n  EMEA\\+44 20 7330 7500\n  \n  Asia Pacific\\+65 6212 1000\n- ### Company\n  - [About](https:\/\/www.bloomberg.com\/company\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Careers](https:\/\/www.bloomberg.com\/company\/what-we-do\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Inclusion at Bloomberg](https:\/\/www.bloomberg.com\/company\/values\/inclusion\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Tech at Bloomberg](https:\/\/www.bloomberg.com\/company\/values\/tech-at-bloomberg\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Philanthropy](https:\/\/www.bloomberg.com\/company\/philanthropy\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Sustainability](https:\/\/www.bloomberg.com\/company\/sustainability\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Beta](https:\/\/www.bloomberg.com\/company\/values\/tech-at-bloomberg\/bloomberg-beta\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  ### Communications\n  - [Press Announcements](https:\/\/www.bloomberg.com\/company\/announcements\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Press Contacts](https:\/\/www.bloomberg.com\/company\/press-contacts\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  ### Follow\n  - [Facebook](https:\/\/www.facebook.com\/Bloomberglp)\n  - [Instagram](https:\/\/www.instagram.com\/bloomberg\/)\n  - [LinkedIn](https:\/\/www.linkedin.com\/company\/2494)\n  - [YouTube](https:\/\/www.youtube.com\/@bloomberglp)\n- ### Products\n  - [Bloomberg Professional Services](https:\/\/bloomberg.com\/professional?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Terminal](https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Data](https:\/\/www.bloomberg.com\/professional\/products\/data\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Trading](https:\/\/www.bloomberg.com\/professional\/products\/trading\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Risk](https:\/\/www.bloomberg.com\/professional\/products\/risk\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Compliance](https:\/\/www.bloomberg.com\/professional\/products\/compliance\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Indices](https:\/\/www.bloomberg.com\/professional\/products\/indices\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  ### Industry Products\n  - [Bloomberg Law](https:\/\/pro.bloomberglaw.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Tax](https:\/\/pro.bloombergtax.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Government](https:\/\/about.bgov.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [BloombergNEF](https:\/\/about.bnef.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n- ### Media\n  - [Bloomberg Markets](https:\/\/www.bloomberg.com\/markets\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Technology](https:\/\/www.bloomberg.com\/technology\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Pursuits](https:\/\/www.bloomberg.com\/pursuits\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Politics](https:\/\/www.bloomberg.com\/politics\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Opinion](https:\/\/www.bloomberg.com\/opinion\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Businessweek](https:\/\/www.bloomberg.com\/businessweek\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Live Conferences](https:\/\/www.bloomberglive.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Radio](https:\/\/www.bloombergradio.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Television](https:\/\/www.bloomberg.com\/live?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [News Bureaus](https:\/\/www.bloomberg.com\/company\/news-bureaus\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  ### Media Services\n  - [Bloomberg Media Distribution](https:\/\/www.bloomberg.com\/distribution?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Advertising](https:\/\/www.bloombergmedia.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n\n- ### Company\n  - [About](https:\/\/www.bloomberg.com\/company\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Careers](https:\/\/www.bloomberg.com\/company\/what-we-do\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Inclusion at Bloomberg](https:\/\/www.bloomberg.com\/company\/values\/inclusion\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Tech at Bloomberg](https:\/\/www.bloomberg.com\/company\/values\/tech-at-bloomberg\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Philanthropy](https:\/\/www.bloomberg.com\/company\/philanthropy\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Sustainability](https:\/\/www.bloomberg.com\/company\/sustainability\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Beta](https:\/\/www.bloomberg.com\/company\/values\/tech-at-bloomberg\/bloomberg-beta\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  ### Communications\n  - [Press Announcements](https:\/\/www.bloomberg.com\/company\/announcements\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Press Contacts](https:\/\/www.bloomberg.com\/company\/press-contacts\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  ### Follow\n  - [Facebook](https:\/\/www.facebook.com\/Bloomberglp)\n  - [Instagram](https:\/\/www.instagram.com\/bloomberg\/)\n  - [LinkedIn](https:\/\/www.linkedin.com\/company\/2494)\n  - [YouTube](https:\/\/www.youtube.com\/@bloomberglp)\n- ### Products\n  - [Bloomberg Professional Services](https:\/\/bloomberg.com\/professional?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Terminal](https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Data](https:\/\/www.bloomberg.com\/professional\/products\/data\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Trading](https:\/\/www.bloomberg.com\/professional\/products\/trading\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Risk](https:\/\/www.bloomberg.com\/professional\/products\/risk\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Compliance](https:\/\/www.bloomberg.com\/professional\/products\/compliance\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Indices](https:\/\/www.bloomberg.com\/professional\/products\/indices\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  ### Industry Products\n  - [Bloomberg Law](https:\/\/pro.bloomberglaw.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Tax](https:\/\/pro.bloombergtax.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Government](https:\/\/about.bgov.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [BloombergNEF](https:\/\/about.bnef.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n- ### Media\n  - [Bloomberg Markets](https:\/\/www.bloomberg.com\/markets\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg  Technology](https:\/\/www.bloomberg.com\/technology\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Pursuits](https:\/\/www.bloomberg.com\/pursuits\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Politics](https:\/\/www.bloomberg.com\/politics\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Opinion](https:\/\/www.bloomberg.com\/opinion\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg  Businessweek](https:\/\/www.bloomberg.com\/businessweek\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Live Conferences](https:\/\/www.bloomberglive.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Radio](https:\/\/www.bloombergradio.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Bloomberg Television](https:\/\/www.bloomberg.com\/live?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [News Bureaus](https:\/\/www.bloomberg.com\/company\/news-bureaus\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  ### Media Services\n  - [Bloomberg Media Distribution](https:\/\/www.bloomberg.com\/distribution?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Advertising](https:\/\/www.bloombergmedia.com\/?utm_source=bloomberg-menu&utm_medium=bcom)\n- ### Bloomberg\n  Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world\n  ### For Customers\n  - [Bloomberg Anywhere Remote Login](https:\/\/bba.bloomberg.net\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Software Updates](https:\/\/www.bloomberg.com\/professional\/support\/customer-support\/software-updates\/?utm_source=bloomberg-menu&utm_medium=bcom)\n  - [Manage Contracts and Orders](https:\/\/service.bloomberg.com\/portal\/sessions\/new?utm_source=bloomberg-menu&utm_medium=bcom)\n  ### Support\n  Americas\\+1 212 318 2000\n  \n  EMEA\\+44 20 7330 7500\n  \n  Asia Pacific\\+65 6212 1000\n\nSign In\n\n[Subscribe](https:\/\/www.bloomberg.com\/subscriptions?in_source=nav)\n\n[Live TV](https:\/\/www.bloomberg.com\/live)\n\n- [Markets](https:\/\/www.bloomberg.com\/markets)\n- [Economics](https:\/\/www.bloomberg.com\/economics)\n- [Industries](https:\/\/www.bloomberg.com\/industries)\n- [Tech](https:\/\/www.bloomberg.com\/technology)\n- [Politics](https:\/\/www.bloomberg.com\/politics)\n- [Businessweek](https:\/\/www.bloomberg.com\/businessweek)\n- [Opinion](https:\/\/www.bloomberg.com\/opinion)\n- [Video](https:\/\/www.bloomberg.com\/video)\n- More\n\nUS Edition\n\n[Subscribe](https:\/\/www.bloomberg.com\/subscriptions?in_source=nav-mobileweb)\n\n[Opinion Newsletter](https:\/\/www.bloomberg.com\/account\/newsletters?source=eyebrow)\n\nMatthew S Levine, Columnist\n\n# Everyone Wants a Wounded Lion\nHedge-fund hiring, stablecoin competition, Robinhood Social and OnlyFans taxes.\n\nSeptember 10, 2025 at 5:33 PM UTC\n\n![](https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iE8O2RXbXRhw\/v12\/piUjdcePl62Og\/160x160.jpg)\n\nBy [Matthew S Levine](https:\/\/www.bloomberg.com\/opinion\/authors\/ARbTQlRLRjE\/matthew-s-levine)\n\nMatt 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.\n\nGift this article\n\n[Contact us:Provide news feedback or report an error](https:\/\/www.bloomberg.com\/help\/question\/submit-feedback-news-coverage\/)\n\n[Site feedback:Take our Survey](https:\/\/bmedia.iad1.qualtrics.com\/jfe\/form\/SV_0xQ0jMsQ7QLRlj0?slug=2025-09-10\/everyone-wants-a-wounded-lion)\n\nSave\n\nThe central fact of financial industry compensation is that agents get a call option on their principals’ returns. If you give me a billion dollars to manage, and I turn it into \\$2 billion (a 100% return), I’m going to charge you at least \\$200 million for that service, and you will be thrilled to pay it. That level of investing skill is rare and valuable, and the going rate for it is at least 20% of gains. If, however, you give me a billion dollars to manage, and I turn it into \\$0 (a negative 100% return), I am not generally going to refund you \\$200 million, or anything. If I lose 100% of your money, I probably don’t have \\$200 million of my own money lying around, so I couldn’t give you a refund even if I wanted to.\n\nSo my exposure to your returns has the shape of a call option: I get nothing if you get nothing, I get some linear share of your profit if you make money, and I lose nothing if you lose money. I get the upside of your returns, but not the downside.\n\n### More From Bloomberg\n[![Russian Oil Shipment U-turns](https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iqJTQuKcXOU8\/v0\/-1x-1.webp) Russian Oil Bound for China Is Diverted as India Grabs More](https:\/\/www.bloomberg.com\/news\/articles\/2026-03-18\/russian-oil-bound-for-china-is-diverted-as-india-grabs-more)\n\n[![Ras Laffan Industrial City.](https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/i2WgomJnx58Y\/v1\/-1x-1.webp) European Gas Jumps After World’s Top LNG Plant Hit by Iran](https:\/\/www.bloomberg.com\/news\/articles\/2026-03-19\/european-gas-jumps-35-after-world-s-top-lng-plant-hit-by-iran)\n\n[![IRAN-ENERGY-GAS-SOUTH PARS](https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iGgmnZFGzwUY\/v0\/-1x-1.webp) Oil and Gas Prices Surge After Iran Attacks Major Qatari Plant](https:\/\/www.bloomberg.com\/news\/articles\/2026-03-18\/iran-says-strikes-hit-key-south-pars-gas-field-oil-facilities)\n\n[![US-Israeli-Iranian conflict - LNG facility in Qatar](https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/ikTGO6Dl0pbQ\/v1\/-1x-1.webp) World’s Largest LNG Plant Suffers Extensive Damage, Qatar Says](https:\/\/www.bloomberg.com\/news\/articles\/2026-03-18\/qatar-reports-extensive-damage-at-site-of-ras-laffan-lng-plant)\n\n[![](https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iEsmbJ8IMUQ8\/v1\/-1x-1.webp) Trump Signs Order to Launch Vance-Led Anti-Fraud Task Force](https:\/\/www.bloomberg.com\/news\/articles\/2026-03-16\/trump-signs-order-to-launch-vance-led-anti-fraud-task-force)\n\n### Top Reads\n[![BN\\_Immigrationbillionaire\\_02](https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iAJqnl460P2s\/v0\/-1x-1.webp) Trump's Border Wall Spending Creates a Billionaire Family by Sophie Alexander and Dylan Sloan](https:\/\/www.bloomberg.com\/news\/features\/2026-03-18\/trump-immigration-spending-creates-first-border-wall-billionaire)\n\n[![](https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iHXNmZNxZitA\/v1\/-1x-1.webp) As Lutnick Sold Cantor to His Children, Tether Gave Them a Loan by David Kocieniewski, Anthony Cormier and Todd Gillespie](https:\/\/www.bloomberg.com\/news\/features\/2026-03-18\/tether-made-loan-to-lutnick-s-children-as-they-bought-his-assets)\n\n[![](https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/iBiU3o8GLq0Q\/v0\/-1x-1.webp) The Rise and Fall of Peter Attia’s Longevity Empire by Courtney Rubin and Deena Shanker](https:\/\/www.bloomberg.com\/news\/features\/2026-03-18\/peter-attia-s-longevity-empire-rocked-by-epstein-files)\n\n[![Rare Earths HP](https:\/\/assets.bwbx.io\/images\/users\/iqjWHBFdfxIU\/idjNyozToLc0\/v1\/-1x-1.webp) US Taxpayers and Trump’s Son Are Backing the Same Rare-Earth Startup by Annie Massa](https:\/\/www.bloomberg.com\/news\/features\/2026-03-19\/trump-and-his-son-s-1789-capital-back-rare-earth-startup-vulcan-elements)\n\n[Home](https:\/\/www.bloomberg.com\/)[BTV+](https:\/\/www.bloomberg.com\/live)[Market Data](https:\/\/www.bloomberg.com\/markets\/stocks)[Opinion](https:\/\/www.bloomberg.com\/opinion)[Audio](https:\/\/www.bloomberg.com\/audio)[Originals](https:\/\/www.bloomberg.com\/originals)[Magazine](https:\/\/www.bloomberg.com\/businessweek)[Events](https:\/\/www.bloomberg.com\/live-events)\n\nNews\n\n[Markets](https:\/\/www.bloomberg.com\/markets)[Economics](https:\/\/www.bloomberg.com\/economics)[Technology](https:\/\/www.bloomberg.com\/technology)[Politics](https:\/\/www.bloomberg.com\/politics)[Green](https:\/\/www.bloomberg.com\/green)[Crypto](https:\/\/www.bloomberg.com\/crypto)[AI](https:\/\/www.bloomberg.com\/ai)\n\nWork & Life\n\n[Wealth](https:\/\/www.bloomberg.com\/wealth)[Pursuits](https:\/\/www.bloomberg.com\/pursuits)[Businessweek](https:\/\/www.bloomberg.com\/businessweek)[CityLab](https:\/\/www.bloomberg.com\/citylab)[Sports](https:\/\/www.bloomberg.com\/business-of-sports)[Equality](https:\/\/www.bloomberg.com\/equality)[Management & Work](https:\/\/www.bloomberg.com\/management-work)\n\nMarket Data\n\n[Stocks](https:\/\/www.bloomberg.com\/markets\/stocks)[Commodities](https:\/\/www.bloomberg.com\/markets\/commodities)[Rates & Bonds](https:\/\/www.bloomberg.com\/markets\/rates-bonds)[Currencies](https:\/\/www.bloomberg.com\/markets\/currencies)[Futures](https:\/\/www.bloomberg.com\/markets\/stocks\/futures)[Sectors](https:\/\/www.bloomberg.com\/markets\/sectors)[Economic Calendar](https:\/\/www.bloomberg.com\/markets\/economic-calendar)\n\nExplore\n\n[Newsletters](https:\/\/www.bloomberg.com\/account\/newsletters)[Explainers](https:\/\/www.bloomberg.com\/explainers)[Pointed News Quiz](http:\/\/www.bloomberg.com\/games\/pointed?in_source=footer)[Alphadots Game](https:\/\/www.bloomberg.com\/games\/alphadots?in_source=nav)[The Big Take](https:\/\/www.bloomberg.com\/bigtake)[Graphics](https:\/\/www.bloomberg.com\/graphics)[Submit a Tip](https:\/\/www.bloomberg.com\/tips\/)[About Us](https:\/\/bloomberg.com\/context)\n\n[Terms of Service]()\n\nDo Not Sell or Share My Personal Information\n\n[Trademarks]()[Privacy Policy]()\n\n[Careers]()[Advertise]()\n\n[Ad Choices]()\n\n[Help]()©2026 Bloomberg L.P. All Rights Reserved.","attrs_readable_markdown":"The central fact of financial industry compensation is that agents get a call option on their principals’ returns. If you give me a billion dollars to manage, and I turn it into \\$2 billion (a 100% return), I’m going to charge you at least \\$200 million for that service, and you will be thrilled to pay it. That level of investing skill is rare and valuable, and the going rate for it is at least 20% of gains. If, however, you give me a billion dollars to manage, and I turn it into \\$0 (a negative 100% return), I am not generally going to refund you \\$200 million, or anything. If I lose 100% of your money, I probably don’t have \\$200 million of my own money lying around, so I couldn’t give you a refund even if I wanted to.\n\nSo my exposure to your returns has the shape of a call option: I get nothing if you get nothing, I get some linear share of your profit if you make money, and I lose nothing if you lose money. I get the upside of your returns, but not the downside.","meta_canonical":null,"ml_categories_json":"{\"\/Finance\":851,\"\/Finance\/Investing\":793,\"\/Finance\/Investing\/Funds\":245,\"\/Business_and_Industrial\":111}","ml_types_json":"{\"\/Core_Page\":578,\"\/Core_Page\/Services_Page\":407}","ml_intent_types_json":"{\"Informational\":836,\"Commercial\":205}","meta_language":"en","attrs_author":null,"attrs_publish_time":1757525606,"attrs_original_publish_time":1757525606,"attrs_is_republished":0,"attrs_nr_words":"852","attrs_boilerpipe_nr_words":"192","body_ext_links_number":15,"body_int_links_number":114,"meta_nofollow":0,"meta_noarchive":0,"props_was_rendered":1,"src_redirect":"","download_time_msec":1040,"download_ttfb_msec":1023,"download_size":61451}

3. Robots.txt Check

Query:

Response:

4. Spam/Ban Check

Query:

Response:

5. Seen Status Check

ℹ️ Skipped - page is already crawled

📄

INDEXABLE

✅

CRAWLED

1 month ago

🤖

ROBOTS ALLOWED

Page Info Filters

Filter	Status	Condition	Details
HTTP status	PASS	`download_http_code = 200`	HTTP 200
Age cutoff	PASS	`download_stamp > now() - 6 MONTH`	1.1 months ago
History drop	PASS	`isNull(history_drop_reason)`	No drop reason
Spam/ban	PASS	`fh_dont_index != 1 AND ml_spam_score = 0`	ml_spam_score=0
Canonical	PASS	`meta_canonical IS NULL OR = '' OR = src_unparsed`	Not set

Page Details

Property

Value

URL

https://www.bloomberg.com/opinion/newsletters/2025-09-10/everyone-wants-a-wounded-lion

Last Crawled

2026-03-19 21:24:39 (1 month ago)

First Indexed

2025-09-10 20:25:06 (7 months ago)

HTTP Status Code

200

Content

Meta Title

Everyone Wants a Wounded Lion - Bloomberg

Meta Description

Hedge-fund hiring, stablecoin competition, Robinhood Social and OnlyFans taxes.

Meta Canonical

null

Boilerpipe Text

The central fact of financial industry compensation is that agents get a call option on their principals’ returns. If you give me a billion dollars to manage, and I turn it into $2 billion (a 100% return), I’m going to charge you at least $200 million for that service, and you will be thrilled to pay it. That level of investing skill is rare and valuable, and the going rate for it is at least 20% of gains. If, however, you give me a billion dollars to manage, and I turn it into $0 (a negative 100% return), I am not generally going to refund you $200 million, or anything. If I lose 100% of your money, I probably don’t have $200 million of my own money lying around, so I couldn’t give you a refund even if I wanted to. So my exposure to your returns has the shape of a call option: I get nothing if you get nothing, I get some linear share of your profit if you make money, and I lose nothing if you lose money. I get the upside of your returns, but not the downside.

Markdown

Your browser is out of date so some features on this site might break. Try a different browser or update this browser. [Learn more](https://www.bloomberg.com/help/question/recommended-browsers-site).✕ [Skip to content](https://www.bloomberg.com/opinion/newsletters/2025-09-10/everyone-wants-a-wounded-lion#that-jump-content--default) [Bloomberg the Company & Its ProductsThe Company & its Products](https://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=bcom)[Bloomberg Terminal Demo Request](https://www.bloomberg.com/professional/contact-menu/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-DEMO-bbgmenu)[Bloomberg Anywhere Remote LoginBloomberg Anywhere Login](https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=bcom)[Bloomberg Customer SupportCustomer Support](https://www.bloomberg.com/professional/support/?utm_source=bloomberg-menu&utm_medium=bcom) - ### Bloomberg Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world ### For Customers - [Bloomberg Anywhere Remote Login](https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=bcom) - [Software Updates](https://www.bloomberg.com/professional/support/customer-support/software-updates/?utm_source=bloomberg-menu&utm_medium=bcom) - [Manage Products and Account Information](https://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&utm_medium=bcom) ### Support Americas\+1 212 318 2000 EMEA\+44 20 7330 7500 Asia Pacific\+65 6212 1000 - ### Company - [About](https://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=bcom) - [Careers](https://www.bloomberg.com/company/what-we-do/?utm_source=bloomberg-menu&utm_medium=bcom) - [Inclusion at Bloomberg](https://www.bloomberg.com/company/values/inclusion/?utm_source=bloomberg-menu&utm_medium=bcom) - [Tech at Bloomberg](https://www.bloomberg.com/company/values/tech-at-bloomberg/?utm_source=bloomberg-menu&utm_medium=bcom) - [Philanthropy](https://www.bloomberg.com/company/philanthropy/?utm_source=bloomberg-menu&utm_medium=bcom) - [Sustainability](https://www.bloomberg.com/company/sustainability/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Beta](https://www.bloomberg.com/company/values/tech-at-bloomberg/bloomberg-beta/?utm_source=bloomberg-menu&utm_medium=bcom) ### Communications - [Press Announcements](https://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&utm_medium=bcom) - [Press Contacts](https://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=bcom) ### Follow - [Facebook](https://www.facebook.com/Bloomberglp) - [Instagram](https://www.instagram.com/bloomberg/) - [LinkedIn](https://www.linkedin.com/company/2494) - [YouTube](https://www.youtube.com/@bloomberglp) - ### Products - [Bloomberg Professional Services](https://bloomberg.com/professional?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Terminal](https://www.bloomberg.com/professional/products/bloomberg-terminal/?utm_source=bloomberg-menu&utm_medium=bcom) - [Data](https://www.bloomberg.com/professional/products/data/?utm_source=bloomberg-menu&utm_medium=bcom) - [Trading](https://www.bloomberg.com/professional/products/trading/?utm_source=bloomberg-menu&utm_medium=bcom) - [Risk](https://www.bloomberg.com/professional/products/risk/?utm_source=bloomberg-menu&utm_medium=bcom) - [Compliance](https://www.bloomberg.com/professional/products/compliance/?utm_source=bloomberg-menu&utm_medium=bcom) - [Indices](https://www.bloomberg.com/professional/products/indices/?utm_source=bloomberg-menu&utm_medium=bcom) ### Industry Products - [Bloomberg Law](https://pro.bloomberglaw.com/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Tax](https://pro.bloombergtax.com/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Government](https://about.bgov.com/?utm_source=bloomberg-menu&utm_medium=bcom) - [BloombergNEF](https://about.bnef.com/?utm_source=bloomberg-menu&utm_medium=bcom) - ### Media - [Bloomberg Markets](https://www.bloomberg.com/markets/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Technology](https://www.bloomberg.com/technology/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Pursuits](https://www.bloomberg.com/pursuits/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Politics](https://www.bloomberg.com/politics/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Opinion](https://www.bloomberg.com/opinion/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Businessweek](https://www.bloomberg.com/businessweek/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Live Conferences](https://www.bloomberglive.com/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Radio](https://www.bloombergradio.com/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Television](https://www.bloomberg.com/live?utm_source=bloomberg-menu&utm_medium=bcom) - [News Bureaus](https://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=bcom) ### Media Services - [Bloomberg Media Distribution](https://www.bloomberg.com/distribution?utm_source=bloomberg-menu&utm_medium=bcom) - [Advertising](https://www.bloombergmedia.com/?utm_source=bloomberg-menu&utm_medium=bcom) - ### Company - [About](https://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=bcom) - [Careers](https://www.bloomberg.com/company/what-we-do/?utm_source=bloomberg-menu&utm_medium=bcom) - [Inclusion at Bloomberg](https://www.bloomberg.com/company/values/inclusion/?utm_source=bloomberg-menu&utm_medium=bcom) - [Tech at Bloomberg](https://www.bloomberg.com/company/values/tech-at-bloomberg/?utm_source=bloomberg-menu&utm_medium=bcom) - [Philanthropy](https://www.bloomberg.com/company/philanthropy/?utm_source=bloomberg-menu&utm_medium=bcom) - [Sustainability](https://www.bloomberg.com/company/sustainability/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Beta](https://www.bloomberg.com/company/values/tech-at-bloomberg/bloomberg-beta/?utm_source=bloomberg-menu&utm_medium=bcom) ### Communications - [Press Announcements](https://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&utm_medium=bcom) - [Press Contacts](https://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=bcom) ### Follow - [Facebook](https://www.facebook.com/Bloomberglp) - [Instagram](https://www.instagram.com/bloomberg/) - [LinkedIn](https://www.linkedin.com/company/2494) - [YouTube](https://www.youtube.com/@bloomberglp) - ### Products - [Bloomberg Professional Services](https://bloomberg.com/professional?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Terminal](https://www.bloomberg.com/professional/products/bloomberg-terminal/?utm_source=bloomberg-menu&utm_medium=bcom) - [Data](https://www.bloomberg.com/professional/products/data/?utm_source=bloomberg-menu&utm_medium=bcom) - [Trading](https://www.bloomberg.com/professional/products/trading/?utm_source=bloomberg-menu&utm_medium=bcom) - [Risk](https://www.bloomberg.com/professional/products/risk/?utm_source=bloomberg-menu&utm_medium=bcom) - [Compliance](https://www.bloomberg.com/professional/products/compliance/?utm_source=bloomberg-menu&utm_medium=bcom) - [Indices](https://www.bloomberg.com/professional/products/indices/?utm_source=bloomberg-menu&utm_medium=bcom) ### Industry Products - [Bloomberg Law](https://pro.bloomberglaw.com/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Tax](https://pro.bloombergtax.com/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Government](https://about.bgov.com/?utm_source=bloomberg-menu&utm_medium=bcom) - [BloombergNEF](https://about.bnef.com/?utm_source=bloomberg-menu&utm_medium=bcom) - ### Media - [Bloomberg Markets](https://www.bloomberg.com/markets/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Technology](https://www.bloomberg.com/technology/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Pursuits](https://www.bloomberg.com/pursuits/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Politics](https://www.bloomberg.com/politics/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Opinion](https://www.bloomberg.com/opinion/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Businessweek](https://www.bloomberg.com/businessweek/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Live Conferences](https://www.bloomberglive.com/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Radio](https://www.bloombergradio.com/?utm_source=bloomberg-menu&utm_medium=bcom) - [Bloomberg Television](https://www.bloomberg.com/live?utm_source=bloomberg-menu&utm_medium=bcom) - [News Bureaus](https://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=bcom) ### Media Services - [Bloomberg Media Distribution](https://www.bloomberg.com/distribution?utm_source=bloomberg-menu&utm_medium=bcom) - [Advertising](https://www.bloombergmedia.com/?utm_source=bloomberg-menu&utm_medium=bcom) - ### Bloomberg Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world ### For Customers - [Bloomberg Anywhere Remote Login](https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=bcom) - [Software Updates](https://www.bloomberg.com/professional/support/customer-support/software-updates/?utm_source=bloomberg-menu&utm_medium=bcom) - [Manage Contracts and Orders](https://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&utm_medium=bcom) ### Support Americas\+1 212 318 2000 EMEA\+44 20 7330 7500 Asia Pacific\+65 6212 1000 Sign In [Subscribe](https://www.bloomberg.com/subscriptions?in_source=nav) [Live TV](https://www.bloomberg.com/live) - [Markets](https://www.bloomberg.com/markets) - [Economics](https://www.bloomberg.com/economics) - [Industries](https://www.bloomberg.com/industries) - [Tech](https://www.bloomberg.com/technology) - [Politics](https://www.bloomberg.com/politics) - [Businessweek](https://www.bloomberg.com/businessweek) - [Opinion](https://www.bloomberg.com/opinion) - [Video](https://www.bloomberg.com/video) - More US Edition [Subscribe](https://www.bloomberg.com/subscriptions?in_source=nav-mobileweb) [Opinion Newsletter](https://www.bloomberg.com/account/newsletters?source=eyebrow) Matthew S Levine, Columnist # Everyone Wants a Wounded Lion Hedge-fund hiring, stablecoin competition, Robinhood Social and OnlyFans taxes. September 10, 2025 at 5:33 PM UTC ![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iE8O2RXbXRhw/v12/piUjdcePl62Og/160x160.jpg) By [Matthew S Levine](https://www.bloomberg.com/opinion/authors/ARbTQlRLRjE/matthew-s-levine) 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. Gift this article [Contact us:Provide news feedback or report an error](https://www.bloomberg.com/help/question/submit-feedback-news-coverage/) [Site feedback:Take our Survey](https://bmedia.iad1.qualtrics.com/jfe/form/SV_0xQ0jMsQ7QLRlj0?slug=2025-09-10/everyone-wants-a-wounded-lion) Save The central fact of financial industry compensation is that agents get a call option on their principals’ returns. If you give me a billion dollars to manage, and I turn it into \$2 billion (a 100% return), I’m going to charge you at least \$200 million for that service, and you will be thrilled to pay it. That level of investing skill is rare and valuable, and the going rate for it is at least 20% of gains. If, however, you give me a billion dollars to manage, and I turn it into \$0 (a negative 100% return), I am not generally going to refund you \$200 million, or anything. If I lose 100% of your money, I probably don’t have \$200 million of my own money lying around, so I couldn’t give you a refund even if I wanted to. So my exposure to your returns has the shape of a call option: I get nothing if you get nothing, I get some linear share of your profit if you make money, and I lose nothing if you lose money. I get the upside of your returns, but not the downside. ### More From Bloomberg [![Russian Oil Shipment U-turns](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iqJTQuKcXOU8/v0/-1x-1.webp) Russian Oil Bound for China Is Diverted as India Grabs More](https://www.bloomberg.com/news/articles/2026-03-18/russian-oil-bound-for-china-is-diverted-as-india-grabs-more) [![Ras Laffan Industrial City.](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i2WgomJnx58Y/v1/-1x-1.webp) European Gas Jumps After World’s Top LNG Plant Hit by Iran](https://www.bloomberg.com/news/articles/2026-03-19/european-gas-jumps-35-after-world-s-top-lng-plant-hit-by-iran) [![IRAN-ENERGY-GAS-SOUTH PARS](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iGgmnZFGzwUY/v0/-1x-1.webp) Oil and Gas Prices Surge After Iran Attacks Major Qatari Plant](https://www.bloomberg.com/news/articles/2026-03-18/iran-says-strikes-hit-key-south-pars-gas-field-oil-facilities) [![US-Israeli-Iranian conflict - LNG facility in Qatar](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ikTGO6Dl0pbQ/v1/-1x-1.webp) World’s Largest LNG Plant Suffers Extensive Damage, Qatar Says](https://www.bloomberg.com/news/articles/2026-03-18/qatar-reports-extensive-damage-at-site-of-ras-laffan-lng-plant) [![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iEsmbJ8IMUQ8/v1/-1x-1.webp) Trump Signs Order to Launch Vance-Led Anti-Fraud Task Force](https://www.bloomberg.com/news/articles/2026-03-16/trump-signs-order-to-launch-vance-led-anti-fraud-task-force) ### Top Reads [![BN\_Immigrationbillionaire\_02](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iAJqnl460P2s/v0/-1x-1.webp) Trump's Border Wall Spending Creates a Billionaire Family by Sophie Alexander and Dylan Sloan](https://www.bloomberg.com/news/features/2026-03-18/trump-immigration-spending-creates-first-border-wall-billionaire) [![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHXNmZNxZitA/v1/-1x-1.webp) As Lutnick Sold Cantor to His Children, Tether Gave Them a Loan by David Kocieniewski, Anthony Cormier and Todd Gillespie](https://www.bloomberg.com/news/features/2026-03-18/tether-made-loan-to-lutnick-s-children-as-they-bought-his-assets) [![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iBiU3o8GLq0Q/v0/-1x-1.webp) The Rise and Fall of Peter Attia’s Longevity Empire by Courtney Rubin and Deena Shanker](https://www.bloomberg.com/news/features/2026-03-18/peter-attia-s-longevity-empire-rocked-by-epstein-files) [![Rare Earths HP](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/idjNyozToLc0/v1/-1x-1.webp) US Taxpayers and Trump’s Son Are Backing the Same Rare-Earth Startup by Annie Massa](https://www.bloomberg.com/news/features/2026-03-19/trump-and-his-son-s-1789-capital-back-rare-earth-startup-vulcan-elements) [Home](https://www.bloomberg.com/)[BTV+](https://www.bloomberg.com/live)[Market Data](https://www.bloomberg.com/markets/stocks)[Opinion](https://www.bloomberg.com/opinion)[Audio](https://www.bloomberg.com/audio)[Originals](https://www.bloomberg.com/originals)[Magazine](https://www.bloomberg.com/businessweek)[Events](https://www.bloomberg.com/live-events) News [Markets](https://www.bloomberg.com/markets)[Economics](https://www.bloomberg.com/economics)[Technology](https://www.bloomberg.com/technology)[Politics](https://www.bloomberg.com/politics)[Green](https://www.bloomberg.com/green)[Crypto](https://www.bloomberg.com/crypto)[AI](https://www.bloomberg.com/ai) Work & Life [Wealth](https://www.bloomberg.com/wealth)[Pursuits](https://www.bloomberg.com/pursuits)[Businessweek](https://www.bloomberg.com/businessweek)[CityLab](https://www.bloomberg.com/citylab)[Sports](https://www.bloomberg.com/business-of-sports)[Equality](https://www.bloomberg.com/equality)[Management & Work](https://www.bloomberg.com/management-work) Market Data [Stocks](https://www.bloomberg.com/markets/stocks)[Commodities](https://www.bloomberg.com/markets/commodities)[Rates & Bonds](https://www.bloomberg.com/markets/rates-bonds)[Currencies](https://www.bloomberg.com/markets/currencies)[Futures](https://www.bloomberg.com/markets/stocks/futures)[Sectors](https://www.bloomberg.com/markets/sectors)[Economic Calendar](https://www.bloomberg.com/markets/economic-calendar) Explore [Newsletters](https://www.bloomberg.com/account/newsletters)[Explainers](https://www.bloomberg.com/explainers)[Pointed News Quiz](http://www.bloomberg.com/games/pointed?in_source=footer)[Alphadots Game](https://www.bloomberg.com/games/alphadots?in_source=nav)[The Big Take](https://www.bloomberg.com/bigtake)[Graphics](https://www.bloomberg.com/graphics)[Submit a Tip](https://www.bloomberg.com/tips/)[About Us](https://bloomberg.com/context) [Terms of Service]() Do Not Sell or Share My Personal Information [Trademarks]()[Privacy Policy]() [Careers]()[Advertise]() [Ad Choices]() [Help]()©2026 Bloomberg L.P. All Rights Reserved.

Readable Markdown

The central fact of financial industry compensation is that agents get a call option on their principals’ returns. If you give me a billion dollars to manage, and I turn it into \$2 billion (a 100% return), I’m going to charge you at least \$200 million for that service, and you will be thrilled to pay it. That level of investing skill is rare and valuable, and the going rate for it is at least 20% of gains. If, however, you give me a billion dollars to manage, and I turn it into \$0 (a negative 100% return), I am not generally going to refund you \$200 million, or anything. If I lose 100% of your money, I probably don’t have \$200 million of my own money lying around, so I couldn’t give you a refund even if I wanted to. So my exposure to your returns has the shape of a call option: I get nothing if you get nothing, I get some linear share of your profit if you make money, and I lose nothing if you lose money. I get the upside of your returns, but not the downside.

ML Classification

ML Categories

/Finance		85.1%
/Finance/Investing		79.3%
/Finance/Investing/Funds		24.5%
/Business_and_Industrial		11.1%

Raw JSON

{
    "/Finance": 851,
    "/Finance/Investing": 793,
    "/Finance/Investing/Funds": 245,
    "/Business_and_Industrial": 111
}

ML Page Types

/Core_Page		57.8%
/Core_Page/Services_Page		40.7%

Raw JSON

{
    "/Core_Page": 578,
    "/Core_Page/Services_Page": 407
}

ML Intent Types

Informational		83.6%
Commercial		20.5%

Raw JSON

{
    "Informational": 836,
    "Commercial": 205
}

Content Metadata

Language

Author

null

Publish Time

2025-09-10 17:33:26 (7 months ago)

Original Publish Time

2025-09-10 17:33:26 (7 months ago)

Republished

Word Count (Total)

852

Word Count (Content)

192

Links

External Links

Internal Links

114

Technical SEO

Meta Nofollow

Meta Noarchive

JS Rendered

Yes

Redirect Target

null

Performance

Download Time (ms)

1,040

TTFB (ms)

1,023

Download Size (bytes)

61,451

Shard

16 (laksa)

Root Hash

14533286998873371416

Unparsed URL

com,bloomberg!www,/opinion/newsletters/2025-09-10/everyone-wants-a-wounded-lion s443