Top hedge fund honcho made $1.5 billion last year

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Sounds like Soros. These guys are badass, they move markets. It's amazing the financial wizardry they can pull off, what massive talent and insight
 
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soros my a$$ :laugh: ...this is james simons, a berkeley math phd (go bears). his renaissance tech medallion fund is the best performing hedge fund ever, returning like 35% since 1989 or something. as for them moving markets, on some days rentec represents 10% of the volume on the nazz....
 
Yeah but Soros is still way more loaded and powerful, eh. Oh, I didn't mean to mistake the thread to be about Soros, I just know they're both involved in hedge funds or at least that's how soros built his left wing fortune
 
etf said:
soros my a$$ :laugh: ...this is james simons, a berkeley math phd (go bears). his renaissance tech medallion fund is the best performing hedge fund ever, returning like 35% since 1989 or something. as for them moving markets, on some days rentec represents 10% of the volume on the nazz....

Wow. That doesn't even beat Tom from the Motley Fool. Didn't he make something like 68% returns?
 
DavidLetterman said:
Wow. That doesn't even beat Tom from the Motley Fool. Didn't he make something like 68% returns?

probably. but then again, i've made 900% returns on some options that i have, for a whopping profit of $2000. Tom, like me, is probably not working with the billions that folks like Soros and Simons work with - it's a lot easier to make stellar returns with smaller capital, since you can take an inordinate amt. of risk. although, admittedly the motley fool folks don't do anything that risky - they just invest in small caps that explode. still, not as impressive as soros et al.
 
beetlerum said:
That field is kinda hard to get into. You can't exactly just become a top hedge fund manager.

Agreed. The folks I know in this industry spent years proving themselves as shining stars, and even then needed a bit of investment luck to get put in control of any sort of fund. And they will never likely come close to making a billion. If they are lucky they will manage a quarter of that amount for other people.
 
I used to work in the investment biz. This guy's sucess is roughly equivalent to not only making the NBA, but also winning league MVP. Actually it's more like being Michael Jordan. I know it looks appealing and it's easy to be seduced by insane $$$, but most hedge funds underperform (these people aren't getting big payouts) or fail (these people may actually lose a lot of money). There's quite a bit of risk here and one of the hardest parts is building your hedge fund assets. This usually done by having a stellar track record to market to your rich family, friends or business associates. And even then the career of a hedge fund manager is short. This guy could easily lose a billion dollars next year if he's making big bets.

To go back to your original post though, I agree with you. If you only cared about making ridiculous sums of money then you probably have picked the wrong profession. But it's not too late. Lots of MDs join health care hedge funds. If you seek one out, you could probably get hired.

On the other hand, as a physician you should make more than 99% of everyone else in the world and still be saving lives. That's pretty cool. And at the end of your life, I think you'll look back and see that you've had way more of a meaningful career regardless of how much money you have. Compared to hedge fund managers who make 99.999999999999% more than everyone else but save people's assets.

But that's why I left. I made the right decision for me, but everyone has different goals.
 
RaistlinMajere said:
I used to work in the investment biz. This guy's sucess is roughly equivalent to not only making the NBA, but also winning league MVP. Actually it's more like being Michael Jordan. I know it looks appealing and it's easy to be seduced by insane $$$, but most hedge funds underperform (these people aren't getting big payouts) or fail (these people may actually lose a lot of money). There's quite a bit of risk here and one of the hardest parts is building your hedge fund assets. This usually done by having a stellar track record to market to your rich family, friends or business associates. And even then the career of a hedge fund manager is short. This guy could easily lose a billion dollars next year if he's making big bets.

To go back to your original post though, I agree with you. If you only cared about making ridiculous sums of money then you probably have picked the wrong profession. But it's not too late. Lots of MDs join health care hedge funds. If you seek one out, you could probably get hired.

On the other hand, as a physician you should make more than 99% of everyone else in the world and still be saving lives. That's pretty cool. And at the end of your life, I think you'll look back and see that you've had way more of a meaningful career regardless of how much money you have. Compared to hedge fund managers who make 99.999999999999% more than everyone else but only save people's assets.

But that's why I left. I made the right decision for me, but everyone has different goals.

Don't hedge fund managers do a lot of good as well by making financial markets more efficient? You can "save lives" without literally "saving lives."
 
I agree and I made a post earlier giving the same gist, but I deleted it bc I wasn't sure I wanted to open that can of worms. I think making money is "pretty cool" bc it usually equates to creating value. I was just talking to a friend earlier who held the typical view that financial wizards just wheel and deal and don't create anything--this was also echoed in the movie Wall Street. Shame, bc creating liquidity and transferring risk in markets is so valuable to running prosperous economies. It's arguably much more important than saving lives here and there, in the big picture when overall prosperity is considered.

Africa may have docs working day in and day out to cure 1000 cases of malaria every day, but 10x more will still die of malnourishment due to the lack of hedge fund managers and financial markets in general to allow growth

Docs may be the most visible and direct life savers, but it doesn't mean they're the most important people in humans' lives. They're as important as ppl are willing to pay for them. Yes, demand in the ER is highly inelastic, but a doc known for price gouging patients won't be in business for long. Let's not overlook that police and firemen also save lives, but you don't see cutthroat competition to enter those careers. Bodyguards too
 
I didn't mean to give the impression that investing wasn't pretty cool too. And I also disagree with your friend also who seems to think that there is little value to investing. It really comes down to how you want to impact the world. Different people choose different ways to do that, which is the point I was trying to make to the OP.

By the way, I have always hated the movie Wall Street because it really has little to do with what actually happens on Wall Street on a daily basis.
 
geffen gave $200M to UCLA med, and is probably making more of a difference in medicine than hundreds of doctors. same with keck, vanderbilt, sandy weill, etc. of course, the physicians get the satisfaction of actually knowing the people they helped...
 
RaistlinMajere said:
By the way, I have always hated the movie Wall Street because it really has little to do with what actually happens on Wall Street on a daily basis.

It was based on the 1980s, and Gekko was at least partially based on Ivan Boesky. There was more free sharing of inside info and less sneaking around and xeroxing legal documents, but there are certainly components of that film that were based on actual events of the day. Things have changed quite a bit.
 
Law2Doc said:
It was based on the 1980s, and Gekko was at least partially based on Ivan Boesky. There was more free sharing of inside info and less sneaking around and xeroxing legal documents, but there are certainly components of that film that were based on actual events of the day. Things have changed quite a bit.

I understand that. But like I said it has very little to with what the vast majority of people working on Wall Street were doing.
 
etf said:
geffen gave $200M to UCLA med, and is probably making more of a difference in medicine than hundreds of doctors. same with keck, vanderbilt, sandy weill, etc. of course, the physicians get the satisfaction of actually knowing the people they helped...

Of course. I don't know how you could argue that any other way, especially when talking about $200MM. Is there anyone out there who wouldn't agree with this?
 
The direct satisfaction aspect is hard to counter. But how much do docs really know patients? I think small doses of direct satisfaction paired with large amounts of indirect satisfaction might be a good combo. Kind of like high profile docs who still make some time to see patients occasionally
 
nah, i'd prefer to be the surgeon who knows my hands helped this guy walk again or something. naive, i know, but still kinda cool...
 
Well there are always those ETFs and other opportunities to put money to work for oneself without doing actual work itself. I would say it's not naive, it's informed unlike most premeds who think they are the world's most important ppl. Med is a uniquely satsifying career as long as docs know their place, just like everyone should know their places
 
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