 The Wild Wild World of Wealth |  |
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Do you ever feel the financial news makes no sense? Do stories leave you with more questions than answers? I created Acrimoney to discuss Wall Street’s behavior behind the headlines. As a veteran of a wealth management business that exceeded $1 billion in assets, I offer insight into the people and the “doings” that affect your money. I’ll start the discussion. But I hope you’ll jump in and say what you think.
A few days ago I came across a terrific post by Terry Smith on his blog, Straight Talking. Using Warren Buffett’s investment returns, he illustrates why the two-and-twenty standard is egregious. Hedge funds win disproportionately when they charge 2 percent on assets and keep 20 percent of the profits.
Here’s what Smith writes:
You know all those investment books—send me $29.95 and I’ll show you how to make millions in the stock market? Forget it. You want market returns. Just tweet this 300-word post and watch portfolios soar. Yours free. Click now and watch the money pour in.
Acrimoney ran a post last October about reloading—that’s hitting the same Ponzi victim twice. Now with some Madoff victims losing the spread between a twenty and fifty cents recovery, I wonder if we’re seeing more of the same. Is it savvy investing or is there a functional equivalent of expert networks in the Ponzi world?
I just learned that Acrimoney was listed on Forensic Account Masters, Top 50 Forensic Accounting Blogs. On behalf of all the bloggers on this website, I’d like to say thanks to FAM for the recognition.
Other notable members of the list include Pro Publica and the Harvard Law School Forum on Corporate Governance and Financial Regulation.
Goofy bets, though, are not the exclusive province of Wall Street.
Nor is Lady Gaga the only one who can wear a meat dress. Check out this video from the Czech Republic
At $35.36 million, do things really go better with Coke?
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