imported_Tango
Golden Member
The point of hedge funds is not returns. In a bull market it's actually almost impossible for hedge funds to keep pace with the indexes.
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Billion dollar?!
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The point of hedge funds is not returns. In a bull market it's actually almost impossible for hedge funds to keep pace with the indexes.
otispunkmeyer
Lifer
yeah thats the great thing about being rich, you can then afford to put things in place that make you even richer. such as buying a house in switzerland, opening and swiss bank account and then laughin as millions of £££ roll in without the british government being able to tax it.
then you buy a pad in london which you claim is just for work and your sorted.
i wish i could get in on this, but for the time being, all this rich sucking the money from the bottom to the top makes me abit sick.
you could say that them raking in the millions doesnt really affect a guy who has a worth while job in engineering gets by on a meager wage, but it does.
these guys are snapping up houses and land like theres no tomoro, and theyre not afraid of dropping 7 figure sums either. they are pushing the house prices way up, faster than inflation.
the average house price in the UK, ie all of the UK is now above £100,000 and climbing. yet wages of middle and working class arent going anywhere, or if they are...theyre not going fast enough.
2nd thing is, these guys have off shore banks in which to put their millions...so they are clear of gordon browns money grabbing hands. taxing a guy earning a couple of million a year is something gord would like to do, but he cant. so to get the required sums of money to fund this country... gordon has to tax the middle/working class even more.
the bottom of the barrel class dont get taxed at all becuase they live on hand outs from the government anyway. so the way i see it is.... the middle classes are supporting the lower classes, and making up for the lack of tax input from the higher classes.
otispunkmeyer
Lifer
i know its not easy, but is it say harder than engineering mans attempt to explore the universe? or engineering a solution to global warming? or engineering new, clean, renewable and efficient energy sources? these are also jobs that give back and advance the human race.
one guy making billions because he can play the stock market isnt any use to anyone but themselves and the other richers involved.
i just read though that much of the dough they get isnt salaries no, its compensation from the trades they make.
i dont know what they do with their money tho.......... do any of this lot give to charity? help out poor people/countries? or fund such programs as exploring the universe?
It makes you sick? Why? Because other people are too lazy to go out and get things done compared to these fine examples ?
It's their money--let them do as they please. Contrary to popular belief, there is no one in your country that starves to death because these people make insane amounts of money. No one is deprived a meal unless they reject it themselves.
How much money you make has never been an indicator of how much you contribute to mankind or how hard you work. If it was that way, ditch diggers would be the richest guys going. But they aren't.
Conversely, most people who are filthy rich don't buy into the "hard work brings reward" ideology--they carve their own path in life, take risks, and end up making smart decisions that pay off.
Your income should never ever be limited by your contributions to society. It should be whatever you can take home in a free market.
fisheerman
Senior member
remember though money isn't created it is transferred from one place to another
they haven't figured out how to plant money trees. When they make this "insane" amount of money it is coming from somebody. I think the poster was just saying that this mass accumulation is what is hurting others.
fisheerman
Senior member
dmcowen674
No Lifer
Offshore accounts, probably didn't pay any taxes.
brandonbull
Diamond Member
I thought at the height of the Dotcom stuff Gates was worth close to $100 billion
Demon-Xanth
Lifer
Given the median household income in the US, that one guy made as much money as about 37,000 households COMBINED.
IceBergSLiM
Lifer
Although I'm sure they do have complex networks of tax shelters set up to say that they dont pay any taxes is absurd. Likely they pay in one year more than everyone on this board will pay in their lifetime.
dmcowen674
No Lifer
Proof
Demon-Xanth
Lifer
Stockton, Ca in 2005:
Population: 279,513
Median income: $55,300
If you say there's an average of 4 people/household, that means that the population probably brought in about $15 billion total. Meaning those 25 people brought in about the same amount of money as an entire CITY in California.
Population: 279,513
Median income: $55,300
If you say there's an average of 4 people/household, that means that the population probably brought in about $15 billion total. Meaning those 25 people brought in about the same amount of money as an entire CITY in California.
Do both of you know that for certain?
The class envy on these forums is nuts. Anytime someone becomes extremely wealthy and successful they are vilified like they plague mankind.
Take James Simons, one of the names mentioned in the article (the TOP earner, who earned 1.7 billion in 2006). He has a largely successful career in academia: cryptanalyst, mathematical physicist and PhD (at age 23 from Berkeley). He has also done more philanthropic efforts than everyone on this board combined with at -least- 38 million donated in 2006. He plans to spend $100 million, what will be the largest private investment in the field of autism research.
This guy is a genius. He is smart, an academic, and knows how to game the system. Furthermore he gives boatloads of it away. Why the hate for him around this forum?
zephyrprime
Diamond Member
Yes they have. It's called the "reserve banking system". Just borrow some money at 0.5% in Japan. Most of that money is created out of thing air. You don't need to bother with the pesky free market when you can subvert its underpinnings.
AccruedExpenditure
Diamond Member
99 percent of the people who have posted in this thread don't know what the fvck they're talking about.
LegendKiller
Lifer
When it comes down to it all wealth is nothing but "thin air" items. It's a psychological value placed upon a good. Except for things you directly utilize or eat, they have no value. The evolution of an economy first starts at bartering for these direct goods, which is difficult, unwieldy, and introduces a lot of friction, such as incorrect pricing.
The next evolution is to introduce a medium that represents value and base all goods upon that value. The actual medium doesn't have to have value backing it, as it only represents what can be purchased with it, not neccessarily what it is worth. While you could back it with a good, why? Gold standards introduce their own problems, including rampant speculation on gold, or even the availability of gold reserves to back enough currency to support a monolithic economy like the US.
Thus, when it comes down to it, about the only thing that currency is is faith. It's the faith that the US government will make payments and support its currency and the US economy will keep chugging along. All banks in the world operate off of this.
THese guys work. Hedge fund operators work 12-14 hours/day and are fekking smart. They are directly held accountable by their investors, who have NO trouble punting them if needed. Their work directly contributes to their pay. There are no fixed contracts, no back dating options, no hiding compensation from shareholders.
In essence, they are the truest forms of capitalists. I despise CEOs who milk public corporations.
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