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The salary of one top hedge fund manager exceeds the entire payroll of any of the government departments in New Zealand. To get on the list of top 25 hedge fund manager you must earn at least $300 million a year. The best of these earned $3 billion last year. Anyone who was any good at picking the share market would certainly not accept government wages. Government employees have neither the aptitude nor the taste for risk that betting it all every day and losing everything perhaps requires. |
Why governments cannot pick winners
11 Jun 2014 Leave a comment
in applied price theory, entrepreneurship, financial economics Tags: efficient market hypothesis, hedge fund managers, picking winners, The fatal conceit, The pretence to knowledge
Utopia, you are standing in it! 
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