---
title: "100 Hedge fund Quotes by 75 authors"
description: "Browse 100 Hedge fund quotes by 75 authors. Discover the best Hedge fund sayings and thoughts."
image: "https://sms4smile.com/quotes/i/5ad/john-c-bogle-2199_average_the-average-hedge-fund-manager-is-going_199494.jpg"
---

> [The average hedge fund manager is going to earn zero per cent in extra return.](https://sms4smile.com/quotes/john-c-bogle/the-average-hedge-fund-manager-is-going-to-earn-zero-per-cent-in/)

[John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/)

[Image](https://sms4smile.com/quotes/i/5ad/john-c-bogle-2199_average_the-average-hedge-fund-manager-is-going_199494.jpg)

> [California is no longer a state, it's a hedge fund.](https://sms4smile.com/quotes/craig-t-nelson/california-is-no-longer-a-state-it-s-a-hedge-fund/)

[Craig T. Nelson](https://sms4smile.com/quotes/author/craig-t-nelson/)

[Image](https://sms4smile.com/quotes/i/f4b/craig-t-nelson-21030_california_california-is-no-longer-a-state-it-s-a-h_1326358.jpg)

> [The Fed is the greatest hedge fund in history.](https://sms4smile.com/quotes/warren-buffett/the-fed-is-the-greatest-hedge-fund-in-history/)

[Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/)

[Image](https://sms4smile.com/quotes/i/3fb/warren-buffett-183_customer_the-fed-is-the-greatest-hedge-fund-in-hi_2190375.png)

> [“Buying shares of Shire PLC has been one of the most popular hedge-fund”](https://sms4smile.com/quotes/anonymous/buying-shares-of-shire-plc-has-been-one-of-the-most-popular-hedge-fund/)

[Anonymous](https://sms4smile.com/quotes/author/anonymous/)

[Image](https://sms4smile.com/quotes/i/7b4/anonymous-1_customer_buying-shares-of-shire-plc-has-been-one_2595754.jpg)

> [Successful hedge funds will be entrepreneurial; it is the essence of the craft.](https://sms4smile.com/quotes/paul-singer/successful-hedge-funds-will-be-entrepreneurial-it-is-the-essence-of/)

[Paul Singer](https://sms4smile.com/quotes/author/paul-singer/)

[Image](https://sms4smile.com/quotes/i/825/paul-singer-13759_craft_successful-hedge-funds-will-be-entrepren_796493.jpg)

> [The pushback I get is, 'He's a hedge fund guy.' Full stop. Some places, that can be a badge of honor. In…](https://sms4smile.com/quotes/edward-lampert/the-pushback-i-get-is-he-s-a-hedge-fund-guy-full-stop-some-places/)

[Edward Lampert](https://sms4smile.com/quotes/author/edward-lampert/)

[Image](https://sms4smile.com/quotes/i/fef/edward-lampert-38386_almost_the-pushback-i-get-is-he-s-a-hedge-fund_1963376.png)

> [Hedge-fund managers make too much money relative to their social utility. I wish their rewards were a bit closer to those of,…](https://sms4smile.com/quotes/david-ignatius/hedge-fund-managers-make-too-much-money-relative-to-their-social/)

[David Ignatius](https://sms4smile.com/quotes/author/david-ignatius/)

[Image](https://sms4smile.com/quotes/i/400/david-ignatius-3910_customer_hedge-fund-managers-make-too-much-money_2581524.png)

> [The Federal Reserve was not founded to bail out Bear Stearns or a few hedge funds. It was founded to keep a…](https://sms4smile.com/quotes/jim-rogers/the-federal-reserve-was-not-founded-to-bail-out-bear-stearns-or-a-few/)

[Jim Rogers](https://sms4smile.com/quotes/author/jim-rogers/)

[Image](https://sms4smile.com/quotes/i/d46/jim-rogers-10173_bail_the-federal-reserve-was-not-founded-to-b_1363486.jpg)

> [Overwinding happens when hedge funds destroy companies by attempting to leverage derivatives against otherwise productive long-term assets.](https://sms4smile.com/quotes/douglas-rushkoff/overwinding-happens-when-hedge-funds-destroy-companies-by-attempting/)

[Douglas Rushkoff](https://sms4smile.com/quotes/author/douglas-rushkoff/)

[Image](https://sms4smile.com/quotes/i/c1a/douglas-rushkoff-2188_assets_overwinding-happens-when-hedge-funds-des_2151030.png)

> [There used to be corporations that produced products. Now there are just banks that produce deals, hedge-fund-driven banks and derivatives and those…](https://sms4smile.com/quotes/cornel-west/there-used-to-be-corporations-that-produced-products-now-there-are/)

[Cornel West](https://sms4smile.com/quotes/author/cornel-west/)

[Image](https://sms4smile.com/quotes/i/80f/cornel-west-708_corporations_there-used-to-be-corporations-that-produ_826760.jpg)

> [I much more enjoy the company of freedom fighters and justice campaigners than I do the company of hedge fund managers.](https://sms4smile.com/quotes/bill-browder/i-much-more-enjoy-the-company-of-freedom-fighters-and-justice/)

[Bill Browder](https://sms4smile.com/quotes/author/bill-browder/)

[Image](https://sms4smile.com/quotes/i/7f4/bill-browder-10929_business_i-much-more-enjoy-the-company-of-freedom_51726.jpg)

> [There's something wrong when hedge fund managers pay lower tax rates than nurses or the truckers](https://sms4smile.com/quotes/lindsey-graham/there-s-something-wrong-when-hedge-fund-managers-pay-lower-tax-rates/)

[Lindsey Graham](https://sms4smile.com/quotes/author/lindsey-graham/)

[Image](https://sms4smile.com/quotes/i/54b/lindsey-graham-3593_fund_there-s-something-wrong-when-hedge-fund_2387298.jpg)

> [Art is a form of asset. Hedge-fund managers who have made money fast should diversify into other areas.](https://sms4smile.com/quotes/michael-steinhardt/art-is-a-form-of-asset-hedge-fund-managers-who-have-made-money-fast/)

[Michael Steinhardt](https://sms4smile.com/quotes/author/michael-steinhardt/)

[Image](https://sms4smile.com/quotes/i/b9b/michael-steinhardt-27040_areas_art-is-a-form-of-asset-hedge-fund-manage_2616232.png)

> [Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit…](https://sms4smile.com/quotes/george-soros/hedge-funds-are-a-very-efficient-way-of-managing-money-but-there-are/)

[George Soros](https://sms4smile.com/quotes/author/george-soros/)

[Image](https://sms4smile.com/quotes/i/076/george-soros-1593_credit_hedge-funds-are-a-very-efficient-way-of_1410736.jpg)

> [I've nothing against Goldman Sachs. But Goldman Sachs isn't an investment bank. Goldman Sachs is a hedge fund. It's bigger than any…](https://sms4smile.com/quotes/nouriel-roubini/i-ve-nothing-against-goldman-sachs-but-goldman-sachs-isn-t-an/)

[Nouriel Roubini](https://sms4smile.com/quotes/author/nouriel-roubini/)

[Image](https://sms4smile.com/quotes/i/7ec/nouriel-roubini-15217_against_i-ve-nothing-against-goldman-sachs-but-g_1304380.jpg)

> [“The Economic Policy Institute, a progressive think tank, estimated that the hedge fund loophole cost the government over $6 billion a year—the…](https://sms4smile.com/quotes/jane-mayer/the-economic-policy-institute-a-progressive-think-tank-estimated-that/)

[Jane Mayer](https://sms4smile.com/quotes/author/jane-mayer/)

[Image](https://sms4smile.com/quotes/i/772/jane-mayer-1031_children_the-economic-policy-institute-a-progress_1128650.jpg)

> [The big advantage that we have as a venture capital firm over a hedge fund or a mutual fund is we have…](https://sms4smile.com/quotes/marc-andreessen/the-big-advantage-that-we-have-as-a-venture-capital-firm-over-a-hedge/)

[Marc Andreessen](https://sms4smile.com/quotes/author/marc-andreessen/)

[Image](https://sms4smile.com/quotes/i/c11/marc-andreessen-2948_advantage_the-big-advantage-that-we-have-as-a-vent_2212613.png)

> [You've seen my statements; I do very well. I don't mind paying some taxes. The middle class is getting clobbered in this…](https://sms4smile.com/quotes/donald-trump/you-ve-seen-my-statements-i-do-very-well-i-don-t-mind-paying-some/)

[Donald Trump](https://sms4smile.com/quotes/author/donald-trump/)

[Image](https://sms4smile.com/quotes/i/435/donald-trump-18_country_you-ve-seen-my-statements-i-do-very-well_341992.jpg)

> [People think that the art market is about opportunists and hedge-fund managers getting broken art, but what really happened is that there…](https://sms4smile.com/quotes/liam-gillick/people-think-that-the-art-market-is-about-opportunists-and-hedge-fund/)

[Liam Gillick](https://sms4smile.com/quotes/author/liam-gillick/)

[Image](https://sms4smile.com/quotes/i/125/liam-gillick-36925_acceptance_people-think-that-the-art-market-is-abou_1746512.jpg)

> [In banking, it was my responsibility to deliver investment opportunities and solutions to hedge fund clients, and at Bloomberg, it's my job…](https://sms4smile.com/quotes/stephanie-ruhle/in-banking-it-was-my-responsibility-to-deliver-investment/)

[Stephanie Ruhle](https://sms4smile.com/quotes/author/stephanie-ruhle/)

[Image](https://sms4smile.com/quotes/i/de6/stephanie-ruhle-7203_books_in-banking-it-was-my-responsibility-to-d_1160747.jpg)

> [I think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane.…](https://sms4smile.com/quotes/charlie-munger/i-think-the-idea-that-the-hedge-fund-manager-gets-lower-taxes-than/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/b14/charlie-munger-458_derelict_i-think-the-idea-that-the-hedge-fund-man_343332.jpg)

> [“According to Steven Kaplan and Joshua Rauh, the average pay (in 2010 dollars) for the twenty-five highest-paid hedge fund managers climbed from…](https://sms4smile.com/quotes/anonymous/according-to-steven-kaplan-and-joshua-rauh-the-average-pay-in-2010/)

[Anonymous](https://sms4smile.com/quotes/author/anonymous/)

[Image](https://sms4smile.com/quotes/i/ce2/anonymous-1_customer_according-to-steven-kaplan-and-joshua-ra_2639190.jpg)

> [We live in a global market and money's fungible and hedge fund private equity is looking for momentum plays, and there ain't…](https://sms4smile.com/quotes/kevin-kinsella/we-live-in-a-global-market-and-money-s-fungible-and-hedge-fund/)

[Kevin Kinsella](https://sms4smile.com/quotes/author/kevin-kinsella/)

[Image](https://sms4smile.com/quotes/i/36a/kevin-kinsella-36072_adrenaline_we-live-in-a-global-market-and-money-s-f_1092357.jpg)

> [Hillary Clinton has perfected the politics of personal profit and theft. She ran the State Department like her own personal hedge fund,…](https://sms4smile.com/quotes/donald-trump/hillary-clinton-has-perfected-the-politics-of-personal-profit-and/)

[Donald Trump](https://sms4smile.com/quotes/author/donald-trump/)

[Image](https://sms4smile.com/quotes/i/61f/donald-trump-18_cash_hillary-clinton-has-perfected-the-politi_895559.jpg)

> [I mean, the people who got us into these crises - whether we're talking about the bankers or the hedge fund managers,…](https://sms4smile.com/quotes/henry-giroux/i-mean-the-people-who-got-us-into-these-crises-whether-we-re-talking/)

[Henry Giroux](https://sms4smile.com/quotes/author/henry-giroux/)

[Image](https://sms4smile.com/quotes/i/f05/henry-giroux-945_burden_i-mean-the-people-who-got-us-into-these_1948198.jpg)

> [The hedge fund known as "Long Term Capital Management" collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.'s of…](https://sms4smile.com/quotes/charlie-munger/the-hedge-fund-known-as-long-term-capital-management-collapsed-last/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/2c0/charlie-munger-458_appraisal_the-hedge-fund-known-as-long-term-capita_2253577.jpg)

> [It's my guess that something like 5% of GDP goes to money management and itsattendant friction. I define it broadly - annuities,…](https://sms4smile.com/quotes/charlie-munger/it-s-my-guess-that-something-like-5-of-gdp-goes-to-money-management/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/54a/charlie-munger-458_allocation_it-s-my-guess-that-something-like-5-of-g_2584591.jpg)

> [Hedge funds are investment pools that are relatively unconstrained in what they do. They are relatively unregulated (for now), charge very high…](https://sms4smile.com/quotes/cliff-asness/hedge-funds-are-investment-pools-that-are-relatively-unconstrained-in/)

[Cliff Asness](https://sms4smile.com/quotes/author/cliff-asness/)

[Image](https://sms4smile.com/quotes/i/738/cliff-asness-52370_back-when_hedge-funds-are-investment-pools-that-ar_1560031.jpg)

> [Over the last 30 odd years, Democrats have moved to the right and the right has moved into the mental hospital. So…](https://sms4smile.com/quotes/bill-maher/over-the-last-30-odd-years-democrats-have-moved-to-the-right-and-the/)

[Bill Maher](https://sms4smile.com/quotes/author/bill-maher/)

[Image](https://sms4smile.com/quotes/i/34d/bill-maher-211_agriculture_over-the-last-30-odd-years-democrats-hav_288566.png)

> [“As the manager of my hedge fund, I’ve shorted the stocks of over two hundred companies that have eventually gone bankrupt. Many…](https://sms4smile.com/quotes/scott-fearon/as-the-manager-of-my-hedge-fund-i-ve-shorted-the-stocks-of-over-two/)

[Scott Fearon](https://sms4smile.com/quotes/author/scott-fearon/)

[Image](https://sms4smile.com/quotes/i/082/scott-fearon-77540_business_as-the-manager-of-my-hedge-fund-i-ve-sho_2445047.jpg)

> [“As I write this, I’m sitting in a café in Paris overlooking the Luxembourg Garden, just off of Rue Saint-Jacques. Rue Saint-Jacques…](https://sms4smile.com/quotes/timothy-ferriss/as-i-write-this-i-m-sitting-in-a-caf-in-paris-overlooking-the/)

[Timothy Ferriss](https://sms4smile.com/quotes/author/timothy-ferriss/)

[Image](https://sms4smile.com/quotes/i/6a2/timothy-ferriss-973_hedge-fund_as-i-write-this-i-m-sitting-in-a-caf-in_664131.jpg)

> [ “\[Hyun Song Shin\] most accurately portrayed the state of the global economy. 'I'd like to tell you about the Millennium Bridge in… ](https://sms4smile.com/quotes/neil-irwin/hyun-song-shin-most-accurately-portrayed-the-state-of-the-global/)

[Neil Irwin](https://sms4smile.com/quotes/author/neil-irwin/)

[Image](https://sms4smile.com/quotes/i/79d/neil-irwin-66207_every-day_hyun-song-shin-most-accurately-portrayed_728738.jpg)

> [We conclude that hedge funds are far riskier and provide much lower returns than commonly supposed.](https://sms4smile.com/quotes/burton-malkiel/we-conclude-that-hedge-funds-are-far-riskier-and-provide-much-lower/)

[Burton Malkiel](https://sms4smile.com/quotes/author/burton-malkiel/)

[Image](https://sms4smile.com/quotes/i/bd1/burton-malkiel-31547_customer_we-conclude-that-hedge-funds-are-far-ris_2164892.png)

> [I love the show 'Billions.' But the main character is basically a hedge fund scumbag, and he's the hero.](https://sms4smile.com/quotes/alissa-quart/i-love-the-show-billions-but-the-main-character-is-basically-a-hedge/)

[Alissa Quart](https://sms4smile.com/quotes/author/alissa-quart/)

[Image](https://sms4smile.com/quotes/i/bcf/alissa-quart-6857_character_i-love-the-show-billions-but-the-main-ch_2129925.jpg)

> [Prosperity can't be just for CEOs and hedge fund managers. Democracy can't be just for billionaires and corporations. Prosperity and democracy are…](https://sms4smile.com/quotes/hillary-clinton/prosperity-can-t-be-just-for-ceos-and-hedge-fund-managers-democracy/)

[Hillary Clinton](https://sms4smile.com/quotes/author/hillary-clinton/)

[Image](https://sms4smile.com/quotes/i/669/hillary-clinton-51_bargains_prosperity-can-t-be-just-for-ceos-and-he_1670543.jpg)

> [The number-one job of the hedge-fund manager is not to make sure that you can retire with a smile on your face…](https://sms4smile.com/quotes/mark-cuban/the-number-one-job-of-the-hedge-fund-manager-is-not-to-make-sure-that/)

[Mark Cuban](https://sms4smile.com/quotes/author/mark-cuban/)

[Image](https://sms4smile.com/quotes/i/198/mark-cuban-889_customer_the-number-one-job-of-the-hedge-fund-man_2651856.jpg)

> [I don't think that hedge funds are bad per se. I think they're just one more financial tool. And in that sense,…](https://sms4smile.com/quotes/barack-obama/i-don-t-think-that-hedge-funds-are-bad-per-se-i-think-they-re-just/)

[Barack Obama](https://sms4smile.com/quotes/author/barack-obama/)

[Image](https://sms4smile.com/quotes/i/bd1/barack-obama-17_customer_i-don-t-think-that-hedge-funds-are-bad-p_3195422.jpg)

> [Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity…](https://sms4smile.com/quotes/michael-lewis/wall-street-with-its-army-of-brokers-analysts-and-advisers-funneling/)

[Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/)

[Image](https://sms4smile.com/quotes/i/7e9/michael-lewis-705_adviser_wall-street-with-its-army-of-brokers-ana_2402345.png)

> [One time, a hedge fund gentleman in Connecticut brought in a bunch of professional wrestlers and myself at a very hefty price…](https://sms4smile.com/quotes/michael-buffer/one-time-a-hedge-fund-gentleman-in-connecticut-brought-in-a-bunch-of/)

[Michael Buffer](https://sms4smile.com/quotes/author/michael-buffer/)

[Image](https://sms4smile.com/quotes/i/7f3/michael-buffer-12164_birthday_one-time-a-hedge-fund-gentleman-in-conne_149218.png)

> [If I had to sum up my practical skills, I would use one word: survival. And operating a hedge fund utilized my…](https://sms4smile.com/quotes/george-soros/if-i-had-to-sum-up-my-practical-skills-i-would-use-one-word-survival/)

[George Soros](https://sms4smile.com/quotes/author/george-soros/)

[Image](https://sms4smile.com/quotes/i/d65/george-soros-1593_fitness_if-i-had-to-sum-up-my-practical-skills-i_2078542.jpg)

## Top authors on Hedge fund

- [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b008/author-donald-trump-30060.jpg) Donald Trump 6 quotes ](https://sms4smile.com/quotes/about/hedge-fund/donald-trump/)
- [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b006/author-charlie-munger-22764.jpg) Charlie Munger 5 quotes ](https://sms4smile.com/quotes/about/hedge-fund/charlie-munger/)

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                        "text": "“Buying shares of Shire PLC has been one of the most popular hedge-fund”",
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                        "text": "Successful hedge funds will be entrepreneurial; it is the essence of the craft.",
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                        "text": "The pushback I get is, 'He's a hedge fund guy.' Full stop. Some places, that can be a badge of honor. In others, it's almost a term of derision.",
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                        "text": "Hedge-fund managers make too much money relative to their social utility. I wish their rewards were a bit closer to those of, say, schoolteachers.",
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                            "name": "David Ignatius"
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                        "text": "The Federal Reserve was not founded to bail out Bear Stearns or a few hedge funds. It was founded to keep a stable currency and maintain its value.",
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                        "@type": "Quotation",
                        "text": "Overwinding happens when hedge funds destroy companies by attempting to leverage derivatives against otherwise productive long-term assets.",
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                        "text": "There used to be corporations that produced products. Now there are just banks that produce deals, hedge-fund-driven banks and derivatives and those things.",
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                            "@type": "Person",
                            "name": "Cornel West"
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                        "@type": "Quotation",
                        "text": "I much more enjoy the company of freedom fighters and justice campaigners than I do the company of hedge fund managers.",
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                        "@type": "Quotation",
                        "text": "There's something wrong when hedge fund managers pay lower tax rates than nurses or the truckers",
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                            "@type": "Person",
                            "name": "Lindsey Graham"
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                        "url": "https://sms4smile.com/quotes/lindsey-graham/there-s-something-wrong-when-hedge-fund-managers-pay-lower-tax-rates/",
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                        "@type": "Quotation",
                        "text": "Art is a form of asset. Hedge-fund managers who have made money fast should diversify into other areas.",
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                            "name": "Michael Steinhardt"
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                        "url": "https://sms4smile.com/quotes/michael-steinhardt/art-is-a-form-of-asset-hedge-fund-managers-who-have-made-money-fast/",
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                            "caption": "“Art is a form of asset. Hedge-fund managers who have made money fast should diversify into other areas.” — Michael Steinhardt",
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                        "@type": "Quotation",
                        "text": "Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.",
                        "creator": {
                            "@type": "Person",
                            "name": "George Soros"
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                        "url": "https://sms4smile.com/quotes/george-soros/hedge-funds-are-a-very-efficient-way-of-managing-money-but-there-are/",
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                        "@type": "Quotation",
                        "text": "I've nothing against Goldman Sachs. But Goldman Sachs isn't an investment bank. Goldman Sachs is a hedge fund. It's bigger than any hedge fund. It's more leveraged, to the power of three or five, than any hedge fund.",
                        "creator": {
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                            "name": "Nouriel Roubini"
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                        "text": "“The Economic Policy Institute, a progressive think tank, estimated that the hedge fund loophole cost the government over $6 billion a year—the cost of providing health care to three million children. Of that total, it said, almost $2 billion a year from the tax break went to just twenty-five individuals. Congressional”",
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                            "caption": "“The Economic Policy Institute, a progressive think tank, estimated that the hedge fund loophole cost the…” — Jane Mayer",
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                        "@type": "Quotation",
                        "text": "The big advantage that we have as a venture capital firm over a hedge fund or a mutual fund is we have a 13-year lockup on our money. And so enterprise can go in and out of fashion four different times, and we can go and invest in one of these companies, and it's okay, because we can stay the course.",
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                        "url": "https://sms4smile.com/quotes/marc-andreessen/the-big-advantage-that-we-have-as-a-venture-capital-firm-over-a-hedge/",
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                            "caption": "“The big advantage that we have as a venture capital firm over a hedge fund or a mutual fund is we have a…” — Marc Andreessen",
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                        "@type": "Quotation",
                        "text": "You've seen my statements; I do very well. I don't mind paying some taxes. The middle class is getting clobbered in this country. You know the middle class built this country, not the hedge fund guys, but I know people in hedge funds that pay almost nothing, and it's ridiculous, OK?",
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                        "@type": "Quotation",
                        "text": "People think that the art market is about opportunists and hedge-fund managers getting broken art, but what really happened is that there was a new configuration of bourgeois values in the U.S. and an acceptance among the bourgeoisie of contemporary art as an idea. I think that bourgeois people are horrible.",
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                        "text": "In banking, it was my responsibility to deliver investment opportunities and solutions to hedge fund clients, and at Bloomberg, it's my job to break down news that matters to our viewers and readers.",
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                        "text": "I think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane. The legislators who leave that policy in place are derelict in their duties to be rational and fair. There are plenty of them in both political parties. It's totally outrageous.",
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                        "text": "“According to Steven Kaplan and Joshua Rauh, the average pay (in 2010 dollars) for the twenty-five highest-paid hedge fund managers climbed from $134 million in 2002 to an astonishing $537 million in 2012. In every year since 2004, those twenty-five hedge fund managers alone have received more income than all of the chief executive officers of the Standard and Poor’s 500 companies combined—and, of course, those CEOs haven’t been doing badly.”",
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                        "text": "We live in a global market and money's fungible and hedge fund private equity is looking for momentum plays, and there ain't no momentum plays in bonds, right? When the interest rates were spiking up or down, well they never really spike down they do spike up though. Something's got to happen, there's got to be motion, the dice has to be rolling on the board, and if it's not then they're not going to play because they're not going to get the adrenaline rush from looking at... you know, money markets fund interest rates or bond interests or whatever. It's got to be sexy.",
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                        "text": "Hillary Clinton has perfected the politics of personal profit and theft. She ran the State Department like her own personal hedge fund, doing favors for oppressive regimes and many others in exchange for cash. Then when she left, she made $21.6 million giving speeches to Wall Street banks and other special interests in less than two years - secret speeches that she does not want to reveal to the public. Lobbyists, CEOs, and foreign governments totally own her, and that will never change if she ever became president.",
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                        "text": "I mean, the people who got us into these crises - whether we're talking about the bankers or the hedge fund managers, or we're talking about the IMF - it's become pretty clear that the price to be paid for their illegal financial shenanigans, the burden is being placed on working class people, on the poor, on the elderly, on young people. It's become clear that neoliberal policies aren't just interested in \"solving\" an economic crisis, these are policies designed to enrich corporations and bankers and the rich at the expense of everybody else.",
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                        "text": "The hedge fund known as \"Long Term Capital Management\" collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.'s of its principals that must have averaged 160. Smart people aren't exempt from professional disasters from overconfidence. Often, they just run aground in the more difficult voyages they choose, relying on their self-appraisals that they have superior talents and methods.",
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                        "text": "It's my guess that something like 5% of GDP goes to money management and itsattendant friction. I define it broadly - annuities, incentive pay, all trading, etc. Nobody else has used figures that high, but that's my guess. Worst of all, the people doing this are among the best and the brightest. Hundreds and thousands of engineers, etc. are going into hedge funds and investment banking. That is not an intelligent allocation of the brainpower of the civilization.",
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                        "text": "Hedge funds are investment pools that are relatively unconstrained in what they do. They are relatively unregulated (for now), charge very high fees, will not necessarily give you your money back when you want it, and will generally not tell you what they do. They are supposed to make money all the time, and when they fail at this, their investors redeem and go to someone else who has recently been making money. Every three or four years they deliver a one-in-a-hundred year flood. They are generally run for rich people in Geneva, Switzerland, by rich people in Greenwich, Connecticut.",
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                            "caption": "“Hedge funds are investment pools that are relatively unconstrained in what they do. They are relatively…” — Cliff Asness",
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                        "text": "Over the last 30 odd years, Democrats have moved to the right and the right has moved into the mental hospital. So what we have is one perfectly good party for hedge fund managers, credit card companies, banks, defense contractors, big agriculture and the pharmaceutical lobby... That's the Democrats. And they sit across the aisle from a small group of religious lunatics, flat-earthers and civil war re-enactors who mostly communicate by AM radio and call themselves the Republicans and who actually worry that Obama is a socialist. Socialist? He's not even a liberal.",
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                        "text": "“As the manager of my hedge fund, I’ve shorted the stocks of over two hundred companies that have eventually gone bankrupt. Many of these businesses started out with promising, even inspired ideas: natural cures for common diseases, for example, or a cool new kind of sporting goods product. Others were once-thriving organizations trying to rebound from hard times. Despite their differences, they all failed because their leaders made one or more of six common mistakes that I look for: They learned from only the recent past. They relied too heavily on a formula for success. They misread or alienated their customers. They fell victim to a mania. They failed to adapt to tectonic shifts in their industries. They were physically or emotionally removed from their companies’ operations.”",
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                        "text": "“As I write this, I’m sitting in a café in Paris overlooking the Luxembourg Garden, just off of Rue Saint-Jacques. Rue Saint-Jacques is likely the oldest road in Paris, and it has a rich literary history. Victor Hugo lived a few blocks from where I’m sitting. Gertrude Stein drank coffee and F. Scott Fitzgerald socialized within a stone’s throw. Hemingway wandered up and down the sidewalks, his books percolating in his mind, wine no doubt percolating in his blood. I came to France to take a break from everything. No social media, no email, no social commitments, no set plans . . . except one project. The month had been set aside to review all of the lessons I’d learned from nearly 200 world-class performers I’d interviewed on The Tim Ferriss Show, which recently passed 100,000,000 downloads. The guests included chess prodigies, movie stars, four-star generals, pro athletes, and hedge fund managers. It was a motley crew. More than a handful of them had since become collaborators in business and creative projects, spanning from investments to indie film. As a result, I’d absorbed a lot of their wisdom outside of our recordings, whether over workouts, wine-infused jam sessions, text message exchanges, dinners, or late-night phone calls. In every case, I’d gotten to know them well beyond the superficial headlines in the media. My life had already improved in every area as a result of the lessons I could remember. But that was the tip of the iceberg. The majority of the gems were still lodged in thousands of pages of transcripts and hand-scribbled notes. More than anything, I longed for the chance to distill everything into a playbook. So, I’d set aside an entire month for review (and, if I’m being honest, pain au chocolat), to put together the ultimate CliffsNotes for myself. It would be the notebook to end all notebooks. Something that could help me in minutes but be read for a lifetime.”",
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                        "text": "“[Hyun Song Shin] most accurately portrayed the state of the global economy. 'I'd like to tell you about the Millennium Bridge in London,' he began…'The bridge was opened by the queen on a sunny day in June,' Shin continued. 'The press was there in force, and many thousands of people turned up to savor the occasion. However, within moments of the bridge's opening, it began to shake violently.' The day it opened, the Millennium Bridge was closed. The engineers were initially mystified about what had gone wrong. Of course it would be a problem if a platoon of soldiers marched in lockstep across the bridge, creating sufficiently powerful vertical vibration to produce a swaying effect. The nearby Albert Bridge, built more than a century earlier, even features a sign directing marching soldiers to break step rather than stay together when crossing. But that's not what happened at the Millennium Bridge. 'What is the probability that a thousand people walking at random will end up walking exactly in step, and remain in lockstep thereafter?' Shin asked. 'It is tempting to say, 'Close to Zero' ' But that's exactly what happened. The bridge's designers had failed to account for how people react to their environment. When the bridge moved slightly under the feet of those opening-day pedestrians, each individual naturally adjusted his or her stance for balance, just a little bit—but at the same time and in the same direction as every other individual. That created enough lateral force to turn a slight movement into a significant one. 'In other words,' said Shin, 'the wobble of the bridge feeds on itself. The wobble will continue and get stronger even though the initial shock—say, a small gust of wind—had long passed…Stress testing on the computer that looks only at storms, earthquakes, and heavy loads on the bridge would regard the events on the opening day as a 'perfect storm.' But this is a perfect storm that is guaranteed to come every day.' In financial markets, as on the Millennium Bridge, each individual player—every bank and hedge fund and individual investor—reacts to what is happening around him or her in concert with other individuals. When the ground shifts under the world's investors, they all shift their stance. And when they all shift their stance in the same direction at the same time, it just reinforces the initial movement. Suddenly, the whole system is wobbling violently. Ben Bernanke, Mervyn King, Jean-Claude Trichet, and the other men and women at Jackson Hole listened politely and then went to their coffee break.”",
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