According to the disclosures, the terminated employees worked in Wells Fargo’s wealth- and investment-management unit.
Time and time again, these funds don’t really beat the average of an index fund.
But the Uber wealthy dont like being lumped together with regular people. So they pay commissions to get the same performance, resulting in less profits than an ind x when it’s all said and done.
But the company points to the small parts that do over perform, and downplays the bad parts.
Turn 1 million into 5 million, and it’s easy to forget there was another 10 million that’s worth 6 million now.
Sure you up a million, but you’re focused on that 5x gain and not the 4 million loss. So before commissions it’s a draw.
In real life there’s interest, inflation, and lots of other stuff that muddies the waters.
It’s like their version of horse racing, they bet on a bunch and hope one hits it big and pays off the losses on the others. It’s the same as gambling and just as addictive.
So if these employees were answering their phone when a big client calls and letting stuff sit, their performance was probably fine.
They don’t have a real job…
Time and time again, these funds don’t really beat the average of an index fund.
But the Uber wealthy dont like being lumped together with regular people. So they pay commissions to get the same performance, resulting in less profits than an ind x when it’s all said and done.
But the company points to the small parts that do over perform, and downplays the bad parts.
Turn 1 million into 5 million, and it’s easy to forget there was another 10 million that’s worth 6 million now.
Sure you up a million, but you’re focused on that 5x gain and not the 4 million loss. So before commissions it’s a draw.
In real life there’s interest, inflation, and lots of other stuff that muddies the waters.
It’s like their version of horse racing, they bet on a bunch and hope one hits it big and pays off the losses on the others. It’s the same as gambling and just as addictive.
So if these employees were answering their phone when a big client calls and letting stuff sit, their performance was probably fine.
Because it’s not a real job.