Money porn

Institutional Investor’s alpha is out with its annual ranking (The Rich List) of top hedge fund earners, which always provokes meditation on our upper class. In 2012, the top 25 hedgies collectively earned $14.14 billion. That’s the lowest since 2008, but down only 2% from 2011. It is also equivalent to the collective income of 1.3 million of the poorer households in the U.S. In the magazine’s telling, this year the markets rewarded “the fearless investor,” who ignored all those macro worries—a crappy U.S. recovery, implosions on the periphery of Europe, etc.—and stayed boldly… Read More