>Somewhere out there is a person who’s spent years running a 4 Sharpe ratio at her $5 million friends-and-family hedge fund, or her Robinhood personal account, but she never gets a job at a big hedge fund.

Weird numbers to pick here. I know like 10 guys off my personal contact list who can do 4 Sharpe at 5 million easy. The "game" in hedge funds isn't 4 Sharpe at 5mio AUM, its 1.5-2 Sharpe at 1b AUM or 1 Sharpe at 10b AUM, both of which are infinitely harder than 4 Sharpe at 5mio AUM. You can do 4 Sharpe at 5mio AUM after 6 years at a BB in anything that's not equities or delta 1.