Opportunity cost is a thing. Eddie Lambert may be a genius hedge fund manager, but is a terrible CEO of a retail company. Sears/Sears Canada accounted for 53% of his hedge fund's portfolio holdings in 2016 [1], and now they have to pick . The S&P 500 was rallying like crazy at the time, so he definitely could have gotten a lot more if he were a regular hedge fund manager.
[1] https://www.investopedia.com/articles/investing/030716/top-5...