The
NYT draws attention to a survey of hedge funds by the
Institutional Investor’s Alpha magazine, which finds that even as the economy and financial markets slipped into recession, the 25 top hedge fund managers reaped a total of $11.6 billion in pay, which was however about half the $22.5 billion the top 25 earned in 2007. The performance of these 25 have to be seen in the context of hedge funds losing 18% on average as investors withdrew money en masse.
Four of them made more than a billion in 2008 - James H. Simons of Renaissance Technologies, earned $2.5 billion running computer-driven trading strategies; John A. Paulson gained $2 bn by betting against the housing market; John D Arnold of Centaurus Energy made $1.5 bn; and George Soros pulled in $1.1 billion.
1 comment:
George Soros is a great example of an amazing businessman. Back in 2006 when everything in the garden was rosy, everyone was swilling champagne like it was water and economic meltdown was the last thing on peoples' minds, he stuck his neck out and argued against all his peers and predicted, pretty much dead on, when and how this crisis would happen and the extent of it. His prediction is on youtube. If only we'd listened.
Take care, Julie
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