This Wall Street Journal story about the gilded underworld of “site selectors,” the consultants who help corporations milk state and local governments for subsidies, is an excellent demonstration of why the entire practice should be illegal.
Today, for the first time since 2007, the yield curve inverted, which traditionally signals a looming recession. “Yield curve inversion.” Practice saying this as you stand on the unemployment line. Sounds smart.
In 2018—for the first time in ten years—hedge funds performed slightly better than a simple, low-cost index fund. “Being paid a zillion dollars for being barely worthwhile once a decade” is the American dream, and we applaud hedge funds for setting an example.
Every single Ivy League endowment—managed by some of the most “sophisticated” investors in the world—failed to beat the performance of a simple 60% stocks/ 40% bonds portfolio over the past ten years. The investment advice industry is a scam.