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#1
09-21-2007, 03:13 AM
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Where\'s the money? Tech, gambling, and oil
Forbes 400
Top 10 this year? 5 hi-tech (Gates - MSFT, Brin/Page - Google, Ellison, Dell) 2 oil (Kochs) 2 casinos (Adelson/Kerkorian) 1 Buffett! It's probably a little disingenuous to classify KK as casinos, since that's really just part of his investment/buyout portfolio, but it's a big part of his roots, focus, and empire. Rounding out the top 20 are a couple more Microsoft guys, the Waltons (Wal-Mart), and a couple of finance players (Icahn, Fidelity). And the Mars bar family! 
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#3
09-21-2007, 12:28 PM
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Re: Where\'s the money? Tech, gambling, and oil
People must eat a lotta M and Ms.
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#6
09-21-2007, 02:12 PM
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Re: Where\'s the money? Tech, gambling, and oil
[ QUOTE ]
ah, Interesting to look at how much personal wealth gets created by finance guys vs. tech guys. I too am not sure how that goes longer term. [/ QUOTE ] Good HF managers are not going to be poor anytime soon. PE is more dependent on public markets being receptive to IPOs and easy credit, a good long-short mgr can obviously do well for years in a bear market. Tougher for PE/VC to achieve that.
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#7
09-21-2007, 03:14 PM
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Re: Where\'s the money? Tech, gambling, and oil
[ QUOTE ]
[ QUOTE ] ah, Interesting to look at how much personal wealth gets created by finance guys vs. tech guys. I too am not sure how that goes longer term. [/ QUOTE ] Good HF managers are not going to be poor anytime soon. PE is more dependent on public markets being receptive to IPOs and easy credit, a good long-short mgr can obviously do well for years in a bear market. Tougher for PE/VC to achieve that. [/ QUOTE ] yes but will they always be able to command such huge compensation?
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#8
09-21-2007, 02:19 PM
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Re: Where\'s the money? Tech, gambling, and oil
Hm - I could be off, but pretty sure they don't have a good methodology for understanding PE / VC net worth. Especially with the privately held portion of their portfolios. Numbers feel understated and alot of VCs (e.g. Khosla, who I've read was worth $2B couple years ago, which feels low to me) I'm surprised didn't make the list.
-Al
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#9
09-23-2007, 12:43 AM
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Re: Where\'s the money? Tech, gambling, and oil
[ QUOTE ]
most of the new guys are PE/hedge fund people. Not sure if thats gonna be a long term thing or era specific. [/ QUOTE ] Unless there is collapse of the modern financial system and hedge funds are outlawed, these guys will literally take over that list in 10-15 years. HFs have only exploded a few years ago, so most future superstars are not even on that list yet. How many under30 potential superstars are there now compared to 10 yrs ago? The ones who are on the list have the ability to generate 25-30% annualized returns on personal assets. None of the Forbes entrepreneurs could even approach such numbers on a long term basis b.c. they are stuck in their 1 specific stock and fully pinned to its performance, and the companies have become so big that the founder can no longer add much personal value, which is what allowed him to become a billionaire in the first place. Also, top HF managers have given up innumerable amounts of value until the past few years by a)unnecessarily contributing to the P&L of ibanks / other funds for too long and b)undercharging fees for their alpha by not accepting new money, rather than allowing for fees to be set in an open market. This will undoubtedly correct as the industry becomes more efficient and the huge number of managers who are effectively massively overcharging given their lack of performance will cease to exist, with the savings being split amongst the LPs and the alpha generators, who will actually end up with much higher compensation than now.
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