Letters to the Editor
This letter is associated with the following article:
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In defense of fund managers
Unlike executives of big companies, most investment fund managers operate in a very competitive and transparent market. Either they're smart enough to invest (quantitatively) better than everyone else or they're not. Where would you like to invest your money? With a fund whose "grossly overpaid" manager has consistently produced stellar returns or a "fairly" paid manager produces mediocre returns at best and occasionally loses large chunks of capital?
And let's face it, how many people earn 1B$/year? 1, 2? Is that the basis of a policy?