А ако смисълът на думата "честен пазар" е да няма безрискови печалби
A directory of those in the financial community who
build great fortunes by avoiding risk include the
following:
• Corporate executives who receive stock options or
restricted stock. If the common stock appreciates,
the executive builds a substantial net worth. If the
common stock does not appreciate, the executive
loses nothing. Indeed, he may obtain new options at
the lower strike price, or new restricted common
stock.
• Members of the Plaintiffs' Bar who bring class
action lawsuits in order to earn contingency fees.
The expenses involved in financing such lawsuits are
minimal, and it is remote that Plaintiffs' attorneys
ever incur costs for sanctions or for paying
defendant's costs and fees. The fee awards obtained
tend to be huge upon settlement of such lawsuits, or
less frequently, obtaining a favorable verdict for the
plaintiffs after trial.
• Initial Public Offering ("IPO") underwriters and
sales personnel. If you run a promising private
company and desire to go public, you will find that
many potential underwriters will compete for your
business. However, as a general rule they will not
compete on price. The price will be a 7% gross spread
plus expenses. Thus, on a $10 IPO, the gross spread
will be $0.70 per share. In contrast, to buy a $10
stock in a secondary market like the New York Stock
Exchange, a customer can negotiate a commission
rate of, say, $0.02 to $0.05 per share.
• Bankruptcy Professionals; Lawyers and Investment
Bankers. Chapter 11 is now set up so that
bankruptcy professionals have to be paid in cash, on
a pay as you go basis (with only minor holdbacks),
where such payments are given a super priority so
that these professionals very rarely have any credit
risk at all. Attorneys' fees billed at up to $900 per
hour, and investment banking fees of over $300,000
per month (plus success fees) are not uncommon.
• Money Managers, Mutual Fund Managers, Private
Equity and Hedge Fund Managers. Normal fees
might range from 1% of Assets Under Management
("AUM") to 2% of AUM plus 20% of annual
realized or unrealized capital gains (after a bogey, of
say 6%, paid or accrued to limited partners). These
fees are paid to entities which receive the cash fees
without incurring any credit risk in business entities
which have few physical assets and very little
necessary overhead. Most hedge funds are Limited
Partnerships ("LPs") where the money manager is the
General Partner ("GP") and Outside Passive
Minority Investors ("OPMIs") are the LPs. An LP
has been waggishly described as a business association
where at the beginning the GP brings experience and
the LPs bring money. At the end of the business
association, the GP has the money and the LP has the
experience.
• Venture Capitalists. These people finance a portfolio
of start-ups, and then are able to realize astronomic
prices on some of the portfolio companies when
there occur, as they always
seem to do from time to time,
IPO speculative booms.
• Real Estate Entrepreneurs,
especially investment
builders. Two keys to making
fortunes in large scale real
estate projects are the
availability of long-term, fixed
interest rates, non-recourse
financing, and income tax
shelters. /Хело Тръмп
/
A directory of those in the financial community who
build great fortunes by avoiding risk include the
following:
• Corporate executives who receive stock options or
restricted stock. If the common stock appreciates,
the executive builds a substantial net worth. If the
common stock does not appreciate, the executive
loses nothing. Indeed, he may obtain new options at
the lower strike price, or new restricted common
stock.
• Members of the Plaintiffs' Bar who bring class
action lawsuits in order to earn contingency fees.
The expenses involved in financing such lawsuits are
minimal, and it is remote that Plaintiffs' attorneys
ever incur costs for sanctions or for paying
defendant's costs and fees. The fee awards obtained
tend to be huge upon settlement of such lawsuits, or
less frequently, obtaining a favorable verdict for the
plaintiffs after trial.
• Initial Public Offering ("IPO") underwriters and
sales personnel. If you run a promising private
company and desire to go public, you will find that
many potential underwriters will compete for your
business. However, as a general rule they will not
compete on price. The price will be a 7% gross spread
plus expenses. Thus, on a $10 IPO, the gross spread
will be $0.70 per share. In contrast, to buy a $10
stock in a secondary market like the New York Stock
Exchange, a customer can negotiate a commission
rate of, say, $0.02 to $0.05 per share.
• Bankruptcy Professionals; Lawyers and Investment
Bankers. Chapter 11 is now set up so that
bankruptcy professionals have to be paid in cash, on
a pay as you go basis (with only minor holdbacks),
where such payments are given a super priority so
that these professionals very rarely have any credit
risk at all. Attorneys' fees billed at up to $900 per
hour, and investment banking fees of over $300,000
per month (plus success fees) are not uncommon.
• Money Managers, Mutual Fund Managers, Private
Equity and Hedge Fund Managers. Normal fees
might range from 1% of Assets Under Management
("AUM") to 2% of AUM plus 20% of annual
realized or unrealized capital gains (after a bogey, of
say 6%, paid or accrued to limited partners). These
fees are paid to entities which receive the cash fees
without incurring any credit risk in business entities
which have few physical assets and very little
necessary overhead. Most hedge funds are Limited
Partnerships ("LPs") where the money manager is the
General Partner ("GP") and Outside Passive
Minority Investors ("OPMIs") are the LPs. An LP
has been waggishly described as a business association
where at the beginning the GP brings experience and
the LPs bring money. At the end of the business
association, the GP has the money and the LP has the
experience.
• Venture Capitalists. These people finance a portfolio
of start-ups, and then are able to realize astronomic
prices on some of the portfolio companies when
there occur, as they always
seem to do from time to time,
IPO speculative booms.
• Real Estate Entrepreneurs,
especially investment
builders. Two keys to making
fortunes in large scale real
estate projects are the
availability of long-term, fixed
interest rates, non-recourse
financing, and income tax
shelters. /Хело Тръмп
/
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