I know this guy gets some of you all riled up so I thought some of you would be interested in this particularly harsh statement:
As is apparently also the case with Mitt Romney's PE business, which analysts have found often don't do much better than average if at all, the data shows more and more that we'd all be better off, and there'd be a lot less mischief, if the world's biggest and more powerful investment specialists just dumped money into humdrum baskets of stocks instead of racking their enormous brains to come up with exotic new trades.Someday we'll get back to the time when the really smart guys from the best schools went to work for companies that built actual products, engineered more efficient cars, cured diseases, etc. Because it seems like our best minds kind of suck at investing.
he is not referring to anyone below the VP level which is 99% of this site
How you can honestly tell that he is wrong ? The performance for 90% of PM or PE VP/MD is just horrible. You will make as much money holding governments bonds/ equity index.
I don't consider this a ground breaking point of view. Not many would argue that it would be better for society if more smart people went into electrical engineering instead of financial engineering. Given that financial services wages are likely to stagnate or decline for the foreseeable future, this will probably drive more kids in that direction. That's what i'll push my kids to do.
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