... are also dangerous.
First, the stupidity.
From FT online today: "The average hedge fund manager has lost 4.37 per cent in the year to the end of November, according to data just released by Hedge Fund Research – losing money in six of the past seven months."
The Rich pay big fees for this non-performance. Trillions of their dollars go to support the lifestyles of southeast Connecticut (Greenwich, Stamford, etc.) and Manhattan and the tony suburbs of New Jersey. They are wasting their money.
Krypto is up almost 3% for the year as of a couple days ago. A dog, albeight a very sweet and noble dog, is outperforming the "best and brightest" of the Street by about 7%. Per trillion $ invested, that is $70,000,000,000, yes, $70 billion of value year to date has been squandered by the Dumb Rich.
Second, the danger.
Much of those trillions of the Dumb Rich are "invested" in trading strategies and trading funds and in collateral for derivative "bets". None of that money builds a factory or hires people for services or does anything productive. It's all being wasted and bled by the money manager leeches of Connecticut, Switzerland, London and the Cayman Islands.
Those billions of wealth are completely doing nothing productive .. they are a pool of mud around the legs of the world economy striving to climb to a better world. Those trillions might as well be on the Moon, or even gone, squandered in a stupid war. The world would be better if that money was spend hiring people to dig holes and fill them up. At least the laborer digging the hole would spend the money. The Dumb Rich neither spend it nor invest it.
The Dumb Rich are part of the problem. They seem too stupid and selfish to recognize it. Sure, they get a bit of applause when they appear in black tie at some gala in NYC or London or wherever. But does that philanthropic money really help anyone? Some does. Ted Forstmann really did help poor youths get a better education. I've written about others in the past, too. Mostly, no. The money goes to build a monument to themselves.
Hello Dumb Rich! Do something productive.
Here's an idea. Buy homes for some baby boomers facing homelessness, people who have worked hard all they lives and now face destitution. $1 billion can buy 10,000 homes @ $100,000 out of foreclosure. All you have to do is pay the taxes and let them live there, and keep the home up with sweat repairs. You will have made a real difference for at least 100,000 people, maybe as much as 400,000 people counting children and others who might now have a home.
Or make some real investments.
Listen to Linus Larrabie (played by Humphrey Bogart) from that great movie, Sabrina:
***Quote spoken by Linus Larrabie explaining to David Larrabie the reason for business. From the movie, Sabrina, 1954 with Humphrey Bogart & Audrey Hepburn & William Holden.***
Linus: Making money isn't the main point of business. Money is a by-product.
David: What's the main objective? Power?
Linus: Ah! That's become a dirty word.
David: What's the urge? You're going into plastics. What will that prove?
Linus: Prove? Nothing much. A new product has been found,something of use to the world.
A new industry moves into an undeveloped area. Factories go up, machines go in and you're in business.
It's coincidental that people who've never seen a dime now have a dollar and barefooted kids wear shoes and have their faces washed.
What's wrong with an urge that gives people libraries, hospitals, baseball diamonds and movies on a Saturday night?
***End of Quote***
Hello Dumb Rich!
Do something productive. Don't just count your gold and work to get more.
Word of the Day
"Obsequious" - adjective [$10]
Obsequious means exhibiting a servile attentiveness.
Sentence: Obsequious hosts on Billionaire-vision (fka Bubblevision) make me puke as they kiss the butts of the innumerable billionaires whom that put on TV. We want to hear the common man & woman!!!