I was volunteering in my son's Chinese class and saw this quote on the whiteboard. It is so good. It also seemed astonishingly profound on a whiteboard in a high school. (My son's Chinese school rents space in the evening at the school.)
What do you think?
According to The Financial Times:
"In fact, concludes Mr Lack, while many hedge fund managers have prospered from hefty fees, the bulk of their investment gains have not been shared with clients. On an asset-weighted basis, measuring cash invested to cash returned, hedge fund investors in aggregate, while narrowly beating the average return from equities, would have made more money over the past decade from investing in government bonds, and even from Treasury Bills.
"Of course the experience of 2008 colours these figures. According to Mr Lack, the hedge fund industry lost more money in that one year than all the profits it had generated during the previous 10 years. In fact most likely, he says, is that hedge funds lost more money for their investors in 2008 than the industry had made in its entire history. If true, that would put the industry up there with airlines and banks in the annals of long-term, non-productive performers from an investor perspective.
"Not that the managers have suffered the same way, of course. That is the brilliance of the hedge fund model. Between 1998 and 2010, the book shows, _even on favourable assumptions hedge fund managers earned an estimated $379bn in fees, out of total investment gains (before fees) of $449bn. In other words, they took 84 per cent of the investment profits their funds made, leaving just 16 per cent for the investors.
"Once you make adjustments for survivorship bias, fund of funds fees and so on, it is probable, he suggests, that hedge fund managers have kept all the money made, and investors have in aggregate received nothing_." [italics mine]
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When Google wants someone to explain the latest developments in marketing to the top brands in the world, they bring Mitch Joel to the Googleplex in Mountain View, California. Marketing Magazine dubbed him the "Rock Star of Digital Marketing" and called him, "one of North America's leading digital visionaries." Back in 2006 he was named one of the most influential authorities on blog marketing in the world. Mitch Joel is President of Mirum - a global digital marketing agency operating in close to 20 countries with over 2000 employees (although he prefers the title, Media Hacker). He has been called a marketing and communications visionary, interactive expert and community leader. He is also an author, blogger, podcaster, and passionate speaker who connects with people worldwide by sharing his innovation insights on digital marketing and business transformation. He has been named one of the top 100 online marketers in the world, and was awarded the highly prestigious Canada's Top 40 Under 40.
Joel is a former Chairman of the Board of Directors for the Canadian Marketing Association and a past executive for the National Advertising Benevolent Society. He is also a former Board Member of the Interactive Advertising Bureau of Canada. In the past, he sat on the content committee for bothShop.org and the Web Analytics Association. Currently, he is the Chair of the Digital Marketing Council for the Canadian Marketing Association and is an advisor for many businesses and charitable organizations.
Joel speaks frequently to diverse groups like Wal-Mart, Starbucks, Microsoft, Procter and Gamble, Twitter, Unilever and has shared the stage with former President of the United States, Bill Clinton, Sir Richard Branson, Anthony Robbins, Tom Peters and Dr. Phil. As a professional speaker, Mitch is represented by Greater Talent Network in the U.S. and by Speaker's Spotlightin Canada.
He co-launched Distort Entertainment, the only hard music label in Canada to have major label distribution (Universal Music) and whose roster features the platinum-plus, Juno Award and MuchMusic Video Award-winning acts, Alexisonfire and City And Colour.
Joel is frequently called upon to be a subject matter expert for Fast Company, Marketing Magazine, Strategy, The Globe & Mail and many other media outlets. He is a regular columnist for the Harvard Business Review, Inc. Magazine, The Huffington Post and other magazines and newspapers. His first book, Six Pixels of Separation (published by Grand Central Publishing - Hachette Book Group), named after his successful blog and podcast is a business and marketing bestseller. His second book, CTRL ALT Delete, (also published by Grand Central Publishing) was named one of the best business books of 2013 by Amazon.com. Currently tinkering with his third book, when not thinking about marketing, Mitch is also the host of Groove - The No Treble Podcast, where he is slowly trying to build the largest oral history of electric bass players in the world