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Roundup: Investment Manager’s View of the 1%

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 [3] 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:

Have a great weekend!