Re: the investment bonfire

It's the reverse way to tell me that to work for things never pays. But
however, I would like to have that job, at someplace in Western Africa, you
know, sitting by the fire after sun is down, making ataya, smoking quali and
burning the bills of these investors. Hard work, I know, but working is more
fun than gaining :9)

BV


"Gregor J. Rothfuss" <[email protected]> schrieb im Newsbeitrag
news:asgatk$hq2$1-FogMEOs31dotat4ziPANHlKoq+OfwspIVIuBW6zZ0iQ@public.gmane.org
> In a recent letter to shareholders, Ralph Wanger, the iconoclastic chief
> investment officer at Liberty Wanger Asset Management in Chicago, laments
> that his firm lost $956 million through the end of the third quarter. To
put
> that figure in perspective, he tried to figure out how hard it would be to
> lose that much money on purpose. His explanation follows:
> "One way to do it would have been to convert $956 million into $100 bills
on
> Jan 1, 2002 and order our 20 investment professionals to spend all their
> time burning it. It sounds sort of festive really -- drink some beer, make
> S'mores and enjoy the glow, warmth and fellowship around the bonfire
> (singing Kumbaya optional). How hard would we have had to work to do this?
> Well, if one person diligently burned one $100 bill at the rate of one
bill
> every 10 seconds and worked seven hours a day, five days a week, 50 weeks
a
> year, that one person could burn up $63 million in a year. It would take
all
> 20 of us working full time at this repetitive task to get rid of $956
> million in just nine months."
>
> Fidelity Investments' $129.7 billion would, the WSJ added drily, have been
> "some bonfire".
>
>