

The Next Economic Crisis.  What's really happening in Asia. - bigs324
http://www.scribd.com/doc/91764042/April-2012-TEF-Commentary

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javajosh
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?

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

