Profile cover photo
Profile photo
Richard Smedley
Social Entrepreneur; Geek; musician; permaculturist; vegan; father; husband; Welsh
Social Entrepreneur; Geek; musician; permaculturist; vegan; father; husband; Welsh

Richard's interests
View all
Richard's posts

Post has shared content
Free new e-book from +The MagPi​!

If you’re not as comfortable as you'd like to be when faced with the command prompt, Conquer the Command Line is designed for you. It will help you feel at home and equip you with the skills you need to find your way around the Raspberry Pi terminal.

Post has shared content
Less than 15 hours to go! Open Source Permaculture: help to build the most comprehensive free resource for Permaculture education!

▶ $1, $5 and $25 donations DO make a difference!

Post has shared content
"84% of the investment gains of the entire hedge fund industry went to the managers, and only 16% to the investors."
Truly eye-opening: According to a recent book, The Hedge Fund Mirage (, by Simon Lack, from 1998 to 2010, 84% of the investment gains of the entire hedge fund industry went to the managers, and only 16% to the investors. The thievery of our "financial industry" beggars the mind. Never mind the 1%! This is a tiny fraction of the 1% fleecing the rest of the 1%.

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]

Post has shared content
An expanded version would have a hammer in there somewhere...

Post has attachment
"But let’s not forget the real problem here, it’s not the north – it’s the UK’s economic centralism. Thus, this shouldn’t be about just flying the flag for England’s north but about standing up against economic centralism and bringing about fundamental economic change and a new economic localism."

Google+ has one advantage over Twitter & Facebook - my timeline here isn't swamped with posts about the ignoramuses competing on the #Apprentice :-)
Wait while more posts are being loaded