Simple answer to the question posed in paragraph two ("How did a few asset managers earn more money in a single year than Pierpont Morgan did in his whole life?"): inflation. ($1.5B in 1913 is about $36B today.)
Threshold for becoming an accredited investor is $200k annual income or $1M net worth.
Particularly interesting is the overlap between hedge funds and VC investors / angels, considering the similarities.
Simple answer to the question posed in paragraph two ("How did a few asset managers earn more money in a single year than Pierpont Morgan did in his whole life?"): inflation. ($1.5B in 1913 is about $36B today.)
Threshold for becoming an accredited investor is $200k annual income or $1M net worth.
Particularly interesting is the overlap between hedge funds and VC investors / angels, considering the similarities.