Jean-Philippe Bouchaud is no stranger to challenging orthodoxy in finance. The theoretical physicist turned hedge-fund executive has gained fame for his combative research detailing the flaws of the efficient-markets hypothesis in an era of mindless capital flows, from the meme-stock mania to the index-chasing boom.
Away from his scholarly endeavors, the Capital Fund Management chairman has overseen another bold move: Hiking the performance fee on his firm’s flagship quant fund from 20% to an eye-watering 30%.