Las Vegas on Wall Street

摘要

When you go to Las Vegas, you know the odds are stacked in favor of the house and against the players. Though most people don't realize it, the odds in many of the hedge funds are stacked even more heavily against the investor than they are in Vegas. As I understand it, the casinos set the numbers so that they rake off about 5% of the take. That's charity by comparison with hedge funds, which generally demand 20% of the profits, share none of the losses and nick you for 1.5% to 2% per annum, even if they lose.