Hedge fund as a service: a concept that keeps resurfacing but never gains traction. The core issue? That dopamine rush from bragging "I'm managing a successful fund" drives most of the appeal—not actual business fundamentals.

But here's the alternative: skip the traditional fund structure entirely. Instead, tokenize an investment portfolio. Create a basket of assets, issue tokens representing shares, and let the market handle distribution. No fancy brand needed, no status games required.

The mechanics work. The psychology doesn't demand a prestigious fund label. Maybe that's precisely why this model actually survives where traditional fund-as-a-service keeps failing.