Ok I know a family

By: Java



Patriarch invented something. Made bank. Sold it all about a decade ago. From articles I read in the paper the family probably netted about $400-$500 m after taxes. So I swear. True story here. Immediately the family all pools together and gives the cash to investment advisors. Who immediately lose about 43% I’m he crash or 2009 or so. Oh. They also lost about $20 million because one of the firms they gave money to trusted Bernie madoff. Remember him? Now. Don’t dismiss all this This is NOT irrelevant. This is you. As hard way said. The management firms charge 1-1.5% of assets. Meanwhile their family structure to sort out whose money is whose and do reporting? Charges them 10-15% of GAINS So if they make 10% gain that year it’s really only 8.5% right? Doesn’t seem that bad since you only pay when you gain right? Read on
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