Would you invest grandma's money in hedge funds or stocks? Authors Lack, Schwager and Zuckerman debate
By Josh Friedlander
Tue Nov 6, 2012
Are the new masters of the universe Market Wizards or is hedge fund exceptionalism a mirage?
|Authors Greg Zuckerman, Simon Lack, Jack Schwager
and moderator Rob Copeland (photo: Axel
Hedge funds are sometimes blamed for manipulating financial
markets, but this past week they were accused of hurting
America's ability to stand up to mother nature. The financial
industry was "generally collectively responsible for the
catastrophe of our country in the past few days," said Greg
Zuckerman, referring to the devastation wrought by Superstorm
The Wall Street Journal reporter and author of
The Greatest Trade Ever said financial industry
salaries, of which hedge fund salaries are often the highest,
had skewed incentives so severely that the best and brightest
minds no longer contemplate jobs in engineering or public
service that might have made United States infrastructure more
resilient in the face of natural disasters. "We've siphoned off
talent that could have solved this problem for our nation,"
It was one of several strong...
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