Posted on 08/30/2007 3:25:41 PM PDT by stainlessbanner
Typical hedge funds take 20% of the profits and a 2% management fee.
And typical hedge funds are invested in by fairly sophisticated folks. If they are willing to pay such fees for the return they get, that’s the market. This whole article just seems to want to incite income envy.
All the while, they get to play Monopoly with other people’s money...and whether the fund is a winner or loser, they win!
Plus they are better paid than congress, who plays Monopoly with our lives.
Envy would be the normal reaction, except those numbers are truly too large to easily wrap your mind around.
Here’s the question we should all be asking: what are the job requirements to be a fund manager?
:^)
Ivy League degree/MBA/law. Couple of years at an investment bank. Knowledge of two or more languages doesn’t hurt.
Thanks. I’ll get right on it.
These are very bright guys. The new Masters of the Universe. In another decade they’ll be another crop of very bright guys doing something else and they’ll be the Masters of the Universe.
"Average salary" tells very little - it's badly by influenced by very young and older people who are either making minimum wage, or cashing out comfortably before retirement.
Median income is what really matters; that reflects "the masses" of people, largely folks in mid-life who need money much more immediately.
I'll give you credit, you know your history.
I don't where they got that number from.
In 2006, the median annual household income according to the US Census Bureau was determined to be $48,201.
http://pubdb3.census.gov/macro/032007/hhinc/new04_001.htm
If the majority of wives work, that lowers the median annual individual income even further.
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