How many online pros average +500k a year in the world? - Page 18

mo42nyy · #**171** 08-08-2007, 07:34 AM

eld -what you say about top employees is true but mediocre poker plays (like myself honestly) can make a lot more playing
2/4-5/10 nl than they can working.
You could also make the argument that the people at the top of Goldman Sachs are intelligent, a great deal of their success is due to connections (not true all the time but it helps when Mommy and Daddy's friends are rich and have power) where as in poker barring short term luck poker doesn't discriminate.

wpr101 · #**172** 08-08-2007, 07:39 AM

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All,

Just for a humorous comparison, the average salary of Goldman Sachs's 22,000 employees last year was over $500k. The top 250 Goldman employees averaged about $7M each. Sorta sick how little money there really is in poker.

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There's a lot of variance in this as well. Last year was a record year for GS. Recently there stock has dropped from around 220 to 170, so there's no way they are getting the same bonuses year.

Look at Bear Stearns this year. Two hedge funds gone completely bust and they are saying the credit markets are the worst they have seen in 22 years. If these guys were the supposive geniuses that some say, then how come they didn't see it coming? Everybody is a arbitrage, credit swaps, subprime, leveraged genius when the market is going up, but when the market tanks it's panic city.

Jamougha · #**173** 08-08-2007, 09:25 AM

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D,

"the comparison to some corporate employee is ridiculous, especially in the propaganda style way ElD presented it."

It's less a comparison and more an observation.

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The average American earns approximately $15000, although this is also kinda irrelevant tbh...

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It's also really wrong - GDP per capita PPP is $44,000 (2006 est) says CIA World Factbook.

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GDP per capital is not too closely related to average income. Individual figues aren't available but mean household income is prox $60k/yr. Median household income is prox $45/yr.

Zetack · #**174** 08-08-2007, 09:30 AM

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Many among the very rich who can sustain significant variance in their investments have long known that a good hedge fund provides a significant fees-adjusted risk-adjusted edge over the indexes.

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That rich folks know it, doesn't make it true.

I wonder what percentage of currently existing hedge funds will outperform the index's over the next, say, 30 years. I'd be surprised if it was 1%.

Oh, wait you said "good" hedge funds. I'll still take the under on 1%.

--Zetack

davidlong14 · #**175** 08-08-2007, 10:35 AM

For all Intents and Purposes...

"Money won is twice as sweet as money earned."

baronzeus · #**176** 08-08-2007, 10:39 AM

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Many among the very rich who can sustain significant variance in their investments have long known that a good hedge fund provides a significant fees-adjusted risk-adjusted edge over the indexes.

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That rich folks know it, doesn't make it true.

I wonder what percentage of currently existing hedge funds will outperform the index's over the next, say, 30 years. I'd be surprised if it was 1%.

Oh, wait you said "good" hedge funds. I'll still take the under on 1%.

--Zetack

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you're either joking or haven't worked in finance [img]/images/graemlins/confused.gif[/img] [img]/images/graemlins/confused.gif[/img]

baronzeus · #**177** 08-08-2007, 10:40 AM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
D,

"the comparison to some corporate employee is ridiculous, especially in the propaganda style way ElD presented it."

It's less a comparison and more an observation.

[/ QUOTE ]

The average American earns approximately $15000, although this is also kinda irrelevant tbh...

[/ QUOTE ]
It's also really wrong - GDP per capita PPP is $44,000 (2006 est) says CIA World Factbook.

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dont look at average, look at median

Sciolist · #**178** 08-08-2007, 10:46 AM

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dont look at average, look at median

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What's the median wage in the US? I'd be prepared to bet it is closer to $45k than $15k

suzzer99 · #**179** 08-08-2007, 10:52 AM

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All,

Just for a humorous comparison, the average salary of Goldman Sachs's 22,000 employees last year was over $500k. The top 250 Goldman employees averaged about $7M each. Sorta sick how little money there really is in poker.

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As the article mentions, this is a mean rather than a median, i.e. most people in Goldman's get paid a lot less than this. Still pretty amazing though.

The reason why there's not a lot of money in poker is because - well, all you're doing is playing poker. People with real jobs do something useful with economic value added. Most of the guys who are smart enough to kill high stakes poker games could make more as securities traders. Slightly different work ethic / lifestyle though.

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Yeah it only takes a couple guys making a billion to really skew the curve. By the way making a million is "a buck" right? Is there a cute colloquial term for making a billion yet? I guess "a bill" maybe. But that seems to obvious. Hmmmm.

jman220 · #**180** 08-08-2007, 12:04 PM

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D,

"the comparison to some corporate employee is ridiculous, especially in the propaganda style way ElD presented it."

It's less a comparison and more an observation.

[/ QUOTE ]

The average American earns approximately $15000, although this is also kinda irrelevant tbh...

[/ QUOTE ]
It's also really wrong - GDP per capita PPP is $44,000 (2006 est) says CIA World Factbook.

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It may be correct if by "average american earns" he is literally dividing the population (300 millionish) by the total earnings, but that would be a misleading way of presenting that number.