6/22/2009
The greatest con game
This game is invented by the fund managers. They gamble with OPM, other people's money, and call it investing. When they placed a winning bet they pat themselves on their back and proclaimed how clever they were. When they lost, they still charged the investors a management fee. They cannot lose. Just like the doctors and lawyers, whether one is cured or otherwise, wins or loses a case, they are paid handsomely.
But fund managers outdo the other professions by the way they measure their performance. They have a shifting or relative target, mark to market. If the market makes $1m and they make $1.2m, they are better than the market. If the market loses $1b and they lose $900m, they outperformed the market. In both instances the investors must thank them for being smarter than the market, and even reward them.
The other trick which they invented is selective data. Choose a time frame or a specific area that makes money, just talk about it and ignore the rest that register losses. Or do some window dressing on a particular day of the month for book closing. Push up the prices before market closes to look profitable or lose lesser.
I want to be a fund manager.
Subscribe to:
Post Comments (Atom)
5 comments:
Sorry hor. Many fund managers are also looking for work. Some are now taxi drivers or jogging around McRitchie Reservoir wondering whether they should just jump into the pristine waters and end it all! :-))
Yep, you're right I have now included fund managers in the same basket of crooks comprising motivational speakers who teaches you how to make your first million, insurance agents, property agents, used car salesmen and... ahem......not forgetting the politicians.
LOL.
I was sharing with a group of credit cards services sales professionals in the afternoon, that even though it is caveat emptor (let the buyers beware), the banks still have to exercise responsibility over their negative impact of their credit cards services, lest their customers be driven to bankruptcy due to unpaid debts, and may fall seriously ill or may even commit suicide as a dire result. The sales professional replied "I know". So I end my lecture there and then. I am kinda sick of seeing and hearing so many bad stories of such nature. The predators blame the prey for what is the fault of the predators. :-)
There is no escape from cons.
In every COuNtry, there are CONmen, Conjobs and CONway and
here we have SIN as well so divinely named.
patriot
Fund manager in private lose their job.
Fun Manager with Lee family still havig fun losing billions in gambling and still able to eat Mee Siam Mai Hum !
No one is FORCED to deal with fund managers.
If people are too lazy to study with the aim of looking after their own assets, and instead just go with the fund manager in the bank/investment house with the glitziest advertisements, then those folks deserve what's coming to them. Expensive ads are paid for by suckers' money.
Fund managers who had the idea of fleecing the unsuspecting — and selling those fools crap investments, are also now getting their just deserts.
Don't you love it when the universe exercises its JUSTICE?
Post a Comment