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Roundup: Investment Manager’s View of the 1%

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It seems that not everyone in the 1% should be lumped into a category (I believe this falls under the category of “duh”) but an anonymous article by an investment manager who is familiar, professionally and socially, with individuals in the Top 1% shares his thoughts about the group and how the top and bottom half are totally different. The bottom half is populated with professionals (lawyers, doctors, etc.) and small business owners while the top half consists mostly of financial services, real estate development, and government contractors (with the rare professional).

A telling anecdotal quote that will enrage those who don’t like investment bankers:

Recently, I spoke with a younger client who retired from a major investment bank in her early thirties, net worth around $8M. We can estimate that she had to earn somewhere around twice that, or $14M-$16M, in order to keep $8M after taxes and live well along the way, an impressive accomplishment by such an early age. Since I knew she held a critical view of investment banking, I asked if her colleagues talked about or understood how much damage was created in the broader economy from their activities. Her answer was that no one talks about it in public but almost all understood and were unbelievably cynical, hoping to exit the system when they became rich enough.

Check it out.

Here are a few other gems:

  • Ever find yourself short on time? Myscha of Wise Bread shares 10 Easy Ways to Save 10 Minutes Every Morning and while I wouldn’t try cold brewing coffee (just set a timer the night before!), some of the other tips are good.
  • Jonah Keri of Grantland takes a look at the impact of Linsanity on Madison Square Garden’s public stock. While it’s not all that scientific and we much be careful about correlation and causation, it’s still a fun read about how one person (and a relative unknown) could, theoretically, have this much impact.
  • I don’t keep meticulous track of how much we spend on our groceries (yes, a personal finance blogger cardinal sin) but the BLS maintains average prices on a variety of staples. A pound of beef ground chuck was $3.45 in June, up 7.4% from last year.
  • NRP shares six proposals economists love but politicians hate and I love them all (while I may have an undergrad degree in Economics, I’d hardly consider myself an economist after eight classes at Carnegie Mellon). We might have the debate these points one by one in the future… it seems like fun! :)

Have a great weekend!

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7 Responses to “Roundup: Investment Manager’s View of the 1%”

  1. I really liked the NPR podcast, it was right on! I’d vote for anyone who ran on that platform.

  2. Wow, when they become rich enough. How nice.

  3. Barb says:

    I could retire on 8M. I’d have to win 10M in the lottery to retire.


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