Elliott's Paul Singer: Hedge fund talent war is 'exaggerated' by a good market and higher fees

Billionaire Paul Singer's Elliott Management runs nearly $80 billion in assets.

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• Billionaire Elliott founder Paul Singer does not believe the hedge fund talent war is legitimate.
• He wrote in a letter that it's more a function of long-running bull markets and increased fees.
• He said the next serious bear market could lead to a "comprehensive rethink" of how investors are valued.

Millennium's founder, Izzy Englander, called hedge funds' talent shortage a bubble.