How should we think about people who make billions of dollars managing the capital of others? Does a hedge fund manager like Bill Ackman add any value to society? Why would someone worth $50-100 million hate someone worth $9 billion? This week’s Capital Record doesn’t have time to get into dog-whistle antisemitism, but it does have time to get into class envy, the embarrassing error of believing capital allocation is a valueless exercise, and the merit of achievement embodied by someone like Bill Ackman.