How do you start a hedge fund? Most hedge fund managers have marginal gains, so is performance even necessary?

For example, treasury secretary Bessent has had 5 losing years in a row, and has not been profitable. Bill Ackman has barely cracked 200 percent in 15 years, overall he has been a terrible investor and an SP500 index would have easily outperformed both of these guys.

Neither of them have ever had a small portfolio that they managed and ran it up 1000% SO therefore, what is their resume? How can someone start a hedge fund because performance doesn't seem to matter. I know several hedge fund founders, but they manage $200 million, and their performance is mediocre at best. They are just trying to milk fees.

Below is one of my positions

Thoughts please.

https://preview.redd.it/gkdnatybxoqe1.jpg?width=1080&format=pjpg&auto=webp&s=c634fc3af7ded59bed1d48ed5bd857be55d8bba3