Subject: Re: OT-Guy Spier’s Aquamarine Fund
Buffett has often said that money managers are better at marketing than in producing. It doesn’t get worse than at public pension funds, school endowments etc. The everyday folk on these boards are no match against the slick marketing of Wall Street. I live in Chicagoland area, one of my friends observed that the richest neighborhoods here are filled with money managers. Where-are-the-customers-yachts, anyone?