Tuesday, August 29, 2006

Groucho quoted on Wealth Mismanagement

In The New Age of Hedge Funds, Lindsay Williams in Johannesburg interviews derivitives guru Satyajit Das:
SATYAJIT DAS: One hot hedge fund charges 5% on assets under management, and 35% of profits.

LINDSAY WILLIAMS: So that’s 5% without even walking into the office - and 35% if they happen to do well?

SATYAJIT DAS: That probably helps explain what Groucho Marx once said - that as an investor you can work yourself up from nothing to a state of extreme poverty.

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