Thursday, February 4, 2021

More than you want to know...................

 ...............................about hedge fund managers.

My point here is more about politics than finance. Our class enemy are not evil geniuses practising some arcane magic; investing successfully requires little intellect. Instead, they are beneficiaries of emergent processes such as principal-agent failures and deference towards the rich and of the cronyism  that gives them special treatment from the state. There are no wizards, just common little humbugs.

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