 The Wild Wild World of Wealth |  |
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:
I’ve been thinking about the “Giving Pledge,” a campaign championed by Bill Gates and Warren Buffett. They’re asking fellow members of the uber rich to pledge 50+ percent of their fortunes to charities—more money to philanthropy and less to family. Among the billionaires who have taken the “pledge” are Larry Ellison, Michael Bloomberg, Tom Monaghan, Oprah Winfrey, George Soros and other members from the who’s who of wealth.
These pledges are extraordinary acts of generosity.
But how will the Giving Pledge address our country’s greatest needs?
PULPIT POUNDERS are stockbrokers who campaign to save you from the villains of Wall Street—even if it means dumping on their own firms.
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