OPM

Other Peoples Money is OPM. We learned this half way through our journey with Wall Street. Once you have a "smart" 30 year old with $100,000,000 in the bank he is playing with OPM. It really doesn't matter if he loses $5 billion in a week or not...his money is already in the bank. There are way too many money mangers right now with this mind set and leveraged OPM. The consultants, investors and broker dealers are so transaction oriented they don't see the problem...
How can it be that all the broker dealers are making so much money right now (record profits by any measure) and the customers are losing money!

"The velocity of wealth will increase. Much has been made of estimates that trillions of dollars in wealth will be made liquid and transferred across generations in the coming years. What is overlooked is that much of that wealth will disperse back into the economy at large. Wealth accrues to intelligence: unfortunately, the converse is not often the case, which explains family wealth rarely survives the second generation. One strategist predicts an accelerating churning of fortunes, as value captured in existing family businesses is released by dissipating behaviors of ill-prepared heirs and becomes available through the usual economic channels for investment in new wealth-creating enterprises."

Worth October 2006

Barkly seen here with Poppee before his big hunting trip into Canada. Poppee does not invest in hedge funds.