Some PMs are poor at hiring analysts and building a team. Sometimes it is adverse selection, but more often they prioritize the wrong attributes. What is interesting is the overlap. The PMs who misjudge people internally are often the same ones who misjudge management teams externally. Assessing character, incentives, and judgment is a transferable skill or a transferable blind spot. Basically "bad taste", the opposite of what Jim Simons put his success down to.