Talent we can do without

The voices of the lobbyists threatening every kind of mass exodus & mayhem if the financial services industry is brought to heel are as shrill & persistent as ever. We must not fall for it. If one can find the time read 'The Hedge Fund Mirage - The Illusion of Big Money and Why it's too good to be true' by Simon Lack, published by Wiley. Just a couple of gems: "If all the money that's ever been invested in hedge funds had been put in Treasury bills instead the results would have been twice as good". For this spectacular achievement the rewards to the managers are indeed eye watering. Second gem says that from 1998 to 2010, once all the fees paid to those somehow involved in operating the funds have been factored in, the cumulative split was $9bn to investors and $440bn to managers and hangers on. Certainly the managers & hangers on are far from stupid but is theirs a talent that we really need?