 Eclectic thinking on politics, policy and more 2/19/09Always Nice To See
WSJ reports that a number of top mutual fund managers did very well for themselves in 2008 even as those who invested with them lost their shirts. Some CEOs and chief investment officers pulled down $4 to 5 million while their funds were off 16% and 38%. Always nice to see merit rewarded in the free market....
posted by Matt at 10:10 AM
About Me
Matt Miller is the author of The Tyranny of Dead Ideas: Letting Go Of The Old Ways Of Thinking To Unleash A New Prosperity, published by Times Books in January 2009. He is a contributing editor at Fortune and host of public radio's popular week in review program, "Left, Right & Center." Matt is also a senior fellow at the Center for American Progress, and served as an aide in the Clinton White House. His first book, The Two Percent Solution, was a Los Angeles Time bestseller. He lives with his family in Los Angeles. BooksPrevious Posts
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1 Comments:
Yes, curiouser and curiouser.
This post reminds me of a chapter in Mlodinow's recent and very lively book, The Drunkard's Walk. Apparently, there is quite a bit of statistical evidence that the performance of mutual fund managers is indistinguishable from random noise. So, what do these managers do exactly to "earn" their bonuses?
. . . other than look distinguished, so as to lure in investors?
What a nutso system our financial "markets" have set up. Go figure. / Paul Papanek, Los Angeles
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