The Next Economic Crisis. What's really happening in Asia.(scribd.com)

The Next Economic Crisis. What's really happening in Asia.

http://www.scribd.com/doc/91764042/April-2012-TEF-Commentary

1 comments

What a strange letter. It is very rambling and obscure (especially for someone without fairly sophisticated understanding of macro-economic concepts), and then around page 11 gets rather self-reflective in an almost melancholic way. But this quote struck me as notable:

"Rightly or wrongly, the highest return on any intellectual endeavor is the management of other people's money." (page 11)

I would very much like to delve deeper into this statement, perhaps applying a very good Spinoza quote a bit later in the letter, "I have striven not to laugh at human actions, not to weep ate them, not to hate them, but to understand them".

Is the highest return on any intellectual endeavor the management of other people's money? If so, why?

beefman14 anni fa

This style of writing is actually very typical of fund managers' annual letters to their clients.