Aug

5

I agree with the spirit of what Mr. Vince said about the sponsors. Everything they do, everything they say, is self referential, and designed to talk their book or their current product. The assistant sponsor presided over the almost demise of Harvard endowment with pride and pleasure. And they have been one of the Dow 5000 boys forever as long as they were pushing bonds over stocks since 1990 as they have been.

Vince Fulco adds:

Moreover, I often find the sponsors writeups in the FT too be so rudimentary and common sensical as to be beneath the paper and readership. They could often be written by a 1st year macro-econ student. One wonders why he is accorded such praise and I don't think it is a matter of Einstein's "make everything as simple as possible, but not simpler".

Masses certainly have a love affair…At a cocktail party a few weeks back, two Allianz insurance wholesalers were singing the group's praises and they thought the sponors' insights were worth every bit of his $50MM base salary. The idea of him talking his book and taking the other side of public pronouncements never entered their minds.


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