Matt Taibbi writes: There's a great little piece at Zero
Hedge about how hedge funds are having a terrible year (for the second straight
year), with only 11% of all funds outperforming the Standard and Poor's 500,
the basic stock index...
Translating it into common English, all those super-rich
people who turned to hedge funds with their millions in the hopes that bunches
of Whiz-Kids from Wharton and Harvard and Yale would find unseen and wildly
creative investment ideas to fatten their fortunes – all those rich clients are
actually finding out now that those same Whiz Kids are buying Apple just like
the rest of us…..
Jesus. After all that craziness in the last decade or so,
after MF and the London Whale and all that nuttiness, this is what it comes
down to? These guys are buying Apple? Couldn't we have just started off doing
that and saved ourselves all that trouble…….Someday we'll get back to the time
when the really smart guys from the best schools went to work for companies
that built actual products, engineered more efficient cars, cured diseases,
etc. Because it seems like our best minds kind of suck at investing...
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