May 22, 2007 4:17
Lo res photo of hi net worth individuals
Another in my continuing series of really low-quality cameraphone photos of book parties, this time from the hoedown for Peter Bernstein's Capital Ideas Evolving at the Mercedes dealership on Park Avenue Monday night. I took the photo from out on the sidewalk. Inside were a bunch of people who make a whole lot more money than I do (although apparently less than the "average hedge fund manager"). Goldman Sachs big quant Bob Litterman and hedge fund manager Cliff Asness are chatting at the center of the photo. Not that you could tell.
The book is really good, albeit aimed at a more rarified readership than Against the Gods or Wedding of the Waters. I'm about halfway through, and will report when I'm done.
And maybe one of these times I'll bring along an actual camera.
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Justin Fox is TIME's business and economics columnist. This is his blog. About the Authors
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Reader Comments (2)
"But the "average hedge fund manager" makes an awful lot less."
I'd be curious to know the wage of the average hedge fund manager. Probably it would be good to know the median as well, since the average will likely be skewed by the big winners.
Suppose that the average hedge fund manager makes only 1% of what the average of the top 26 do, that would still be $5.7 million. Wow, those little-guy hedge fund managers are really getting hosed.
Honestly makes me a fan of the maximum wage. It is my belief that no human being could possibly merit the resources represented by, say, $100 million dollars. Forget about $1 billion.
Posted by Chuck | May 23, 2007 11:40 AM
There's really no way to tell what the average hedge fund manager makes (until the Hedge Fund Remuneration Disclosure Act of 2008 is enacted, of course). Giving that pretty much anybody can call himself a hedge fund manager, I would think the median is well below $1 million, but how the heck would I know?
Posted by Justin Fox | May 23, 2007 10:39 PM