Sunday, November 30, 2008

Credit where credit is due.

Some of you will note I have an eye for finance. Mostly that's due to the fact that I'm not a child of privilege and have had to scratch hard for every nickle I've ever earned. I pay a lot of attention to this stuff in the same way as a sailor on an engineless sailboat I watched the weather. . .

I've always said--If you believe the world is a meritocracy, ask yourself this: Why is it that a brokerage house like Meryl Lynch or elsewise can hire SHITHEADS from fancy families with fancy degrees to run funds with payrolls in the 6 plus figures and they will fuck it all up--not turning rates of returns that a meth addict monkey throwing shit at a wall could produce--ie., pin up the Journal--and where the shit sticks, BUY. Imagine that they, like Imperical China a thousand years ago or the NFL today, actually looked for talent--and rewarded it when they found it. It would be so easy for Vanguard funds to search their records, and you're going to find some couple in S. Dakota than have outpaced Buffet for 30 years. . .jeez, if that isn't a 10 second 100 I don't know what to tell you.

Look, and of course you will figure it out. The NFL makes money by being a meritocracy. You actually have to win games in football to achieve, and that requires real measurable above the mean performance. The financial world makes money by anti-competitive practices, and protecting the interests of those who already have money. Do they need to perform? Do they care about you? Fuck, no. It is as simple as that.

Anyhow, the point of all that is this. Here's another, and one I've read a fair bit. Sorry, will miss you, Tanta. That commentary you gave was pretty damn astute.

Note, in this world, at this moment, your ideas actually CAN matter, mostly. To some of us, at least.

Savor the moment.

1 comment:

Thomas Armstrong said...

I asked a client of mine recently if he had a "financial advisor". He told me that he had looked for one for years on the following basis: " If you make my investment grow, I'll give you 3%. If you don't, you get zero." Sounds fair enough , right? Needless to say, he still manages his own accounts.