How do fund managers make money?

I would like to know if there are any websites or decent books out there with good information on the creation of a hedge fund? Also, is there money to be made if you run a mutual fund? Like a John Montgamery at Bridgeway or Bill Miller at Legg Mason...

What kind of college degree do you have to have. How long do you have to go to college. What do you have to major in.

I'm talking about the person who looks over the fund not the rich person investing in it the guy who invests the money for them.

Please excuse how simple this question is but I'm genuinely curious as to how money managers become gazillionaires when the best of them make about a 20% yearly return. Even if they start a fund with 1 million of their own money and make 20% a year while...

Given that S&P500 has a track record of beating most hedge fund managers, why don't the committee set up a fund of their own and make tons of money for themselves instead of letting index funds/ETFs ride on their stock picks?

There are so many famous American hedge fund managers like John Paulson and Ray Dalio. Why haven't I heard of someone from Asia? Is it because it is harder to make money as a hedge fund manager there?

Is it right to help create an impending doom for your bonuses like bankers/traders do? Why do we have these high frequency trading? Is it there just to create money for themselves?  Are these hedge fund managers solving any problems somewhere or they...

How can school make money like fundraising? what does your school do to make money?do you have any other ideas of making money for 12th graders? This is for my 12th grade class and we want to raise money of 2007 and i wanted some ideas. how does your...

I really am interested in entering the asset management industry (probably quantitative), but everywhere I go I see loads of statistics about how almost all active money managers fail to beat their respective indices, how stock picking has 0.0 correlation...