Pioneered by Warren Buffett, some managers run reinsurance companies that use "float"—premiums collected before claims are paid—as a large, stable pool of capital for their hedge funds. Investing in these companies, like David Einhorn's GLRE, provides exposure to both the insurance business and the manager's stock picks.
The discount on closed-end funds often widens at year-end as investors sell losing positions for tax write-offs (tax-loss harvesting). This artificial selling pressure creates a seasonal opportunity for savvy investors to purchase a portfolio of assets at an even steeper discount to its intrinsic value.
Closed-end funds like Bill Ackman's PSUS trade on exchanges, and their market price can fall significantly below the Net Asset Value (NAV) of their holdings. This discount reflects market views on the manager's skill and fees, allowing investors to potentially buy assets for less than they are worth.
Buying shares in a publicly traded asset manager like Blackstone isn't a direct investment in their portfolio. Instead, you're buying their consistent stream of management fees, which are generated regardless of whether their investments go up or down. This can be a more stable play than investing in the funds themselves.