wtf Mario Gabelli. nice job.

[Free Thinker]

Bloomberg reported recently that GAMCO gave Chairman Mario Gabelli a 30% raise from 2009 to 2010 to an astounding $56.7 million. How did shareholders fare last year? They made 3.9% including dividends while the Russell 2000 index posted a 21% gain.

http://www.beatingbuffett.com/?p=3344

 

[ElecEquity]

Lol. Great gig if you can get it. He's pretty good at cracking jokes on CNBC and Bloomberg each time he's on.

 

[ChkitOut]

He seems like a cool dude, someone you'd like to have a few beers with.

 

[stock777]

he seems like a con man. guess thats the type you like to drink with


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how stupid is this ....... very

 

[ChkitOut]

Quote from stock777:

he seems like a con man. guess thats the type you like to drink with


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how stupid is this ....... very

Every investment advisor is a con man. You're selling crystal balls.

 

[1prometheus]

you know what the real gig is for people like this?

Convincing the less sophisticated to allow you to pilfer 20% to 50% of their portfolio income. That is all mutual funds truly are: Giant skimming machines.

If the industry disappeared, how many more billions would wind up in investor's pockets?

 

[ElecEquity]

Quote from ChkitOut:

He seems like a cool dude, someone you'd like to have a few beers with.

As long as he's paying.

 

[denner]

Quote from 1prometheus:

you know what the real gig is for people like this?

Convincing the less sophisticated to allow you to pilfer 20% to 50% of their portfolio income. That is all mutual funds truly are: Giant skimming machines.

If the industry disappeared, how many more billions would wind up in investor's pockets?

Exactly.

 

[brownsfan019]

Quote from 1prometheus:

you know what the real gig is for people like this?

Convincing the less sophisticated to allow you to pilfer 20% to 50% of their portfolio income. That is all mutual funds truly are: Giant skimming machines.

If the industry disappeared, how many more billions would wind up in investor's pockets?

Very true. As an ex-broker, I saw the behind-the-scenes workings of funds, annuities, etc and it's just amazing what those companies and the brokerages selling them make.

The best part is that the customer HAS NO IDEA what they are being charged b/c the fees are buried in a 100 page prospectus written in size 3 arial narrow font.

Customers never receive a 'fee statement' showing what they paid their broker and the fund company every year. It's just taken off the top and the public has no clue.

This is also the reason I've thought about opening a mutual fund at some point. Just get in w/ one of the wirehouses and you're set. Best part is that you don't even have to be any good, you just need an A+ marketing department and pay the wirehouse enough to keep you on the preferred sales list.

 

[1prometheus]

Quote from brownsfan019:

Very true. As an ex-broker, I saw the behind-the-scenes workings of funds, annuities, etc and it's just amazing what those companies and the brokerages selling them make.

The best part is that the customer HAS NO IDEA what they are being charged b/c the fees are buried in a 100 page prospectus written in size 3 arial narrow font.

Customers never receive a 'fee statement' showing what they paid their broker and the fund company every year. It's just taken off the top and the public has no clue.

This is also the reason I've thought about opening a mutual fund at some point. Just get in w/ one of the wirehouses and you're set. Best part is that you don't even have to be any good, you just need an A+ marketing department and pay the wirehouse enough to keep you on the preferred sales list.

Tell me something: Is the success of these firms simply good salesmanship and marketing? Is it a matter of finding customers who do not understand the significance of fees, or do not care? When there are so many cheaper alternatives, that offer better results, what keeps customers coming in the door?