The article explores how different characteristics of hedge fund managers affect the performance of their funds. By analyzing data from 147 hedge funds over a 10-year period, the researchers found that managers with degrees from top US schools tend to outperform their peers, except when the degrees are in economics or technical fields. Managers with undergraduate degrees in economics, especially from top schools, tend to underperform. This trend remains consistent across different types of hedge fund strategies and alternative performance measures. These findings suggest that the educational background of hedge fund managers can impact the success of their funds, which has implications for selecting managers and creating diversified hedge fund products.