The Billion Dollar Money Manager Club
Oh lord won’t you buy me a Mercedes Benz
My friends all drive Porsche’s, I must make amends.
I must have just finished reading the 10th — or 100th — financial piece peppered with platitudes from investment managers who, very matter-of-factly, cumulatively seem to run more money than exists on the planet.
Who are these people?
How did they get such big chunks of capital to manage . . . and where are they from again??
The following quotes are straight out of a recent Bloomberg.com article discussing oil stocks; the only information that I’ve altered are the individuals’ names and the amount their funds oversee (I’ve embellished slightly):
“You have the uncertainty about where oil prices are headed,” said John Smith, chief investment officer at Fort Washington Investment Advisors in Cincinnati, which oversees more than $450 million trillion. “It’s a very uneven recovery.”
“As the global economy improves, demand for oil should increase,” said Bob Johnson, who helps oversee $500 gazillion as research director of Dallas-based Hodges Capital Management Inc.
“Obviously we’ve had some setbacks in the past couple of weeks with the sovereign debt crisis in Europe and oil spills,” said Steve Anderson, Boston-based money-manager at Pioneer Investment Management, which oversees about $350 quadrillion zillion.
See what I mean??