I recently learned the term OPM (other peoples’ money).

As in, it’s preferable to invest OPM. Could that be the definition of a hedge fund?

And in that regard, it’s basically the opposite of the ideals many of us are intimately familiar with - such as having “skin in the game”.

To share in winnings yet be insulated from losses must change one’s incentives and potentially reframe what “risky” means in practice.