Re: How do you explain the high salaries of hedge fund managers?
Thomas F. Cooley is the Richard R. West Dean and the Paganelli-Bull Professor of Economics at New York University Stern School of Business, as well as a Professor of Economics in the NYU Faculty of Arts and Science. He was appointed Dean of NYU Stern in 2002.
The former President of the Society for Economic Dynamics and a Fellow of the Econometric Society, Dean Cooley has received numerous awards for his teaching and is recognized as a national leader in both macroeconomic theory and business education. He is a widely published scholar in the areas of macroeconomic theory, monetary theory and policy and the financial behavior of firms.
Before joining NYU Stern, Dean Cooley was a Professor of Economics at the University of Rochester, University of Pennsylvania, and UC Santa Barbara. Prior to his academic career, Dean Cooley was a systems engineer for IBM Corporation. Dean Cooley received his BS from Rensselaer Polytechnic Institute, and his MA and PhD from the University of Pennsylvania. He also holds a doctorem honoris causa from the Stockholm School of Economics.
Question: How do you explain the high salaries of hedge fund managers?
Thomas Cooley: It's what they get for being successful. I mean, it's staggering, it's even an embarrassing large in some cases, but it is what they-- there are people who are willing to–– they're delivering the kinds of returns that lead to those kinds of salaries. I mean, it's kind of remarkable. Now, I mean, I think that the real questions are not the ones who are most–– I mean, even though they're earnings are extraordinary, they earned it by being successful. The real question is hedge funds that don't deliver better than average return that still–– where the managers still collect what they call 2 and 20, 2 percent management fee and 20 percent of the profits. But then, you know, it's let the investor beware, if people are willing to invest with them, then they're willing to go along with those kinds of rewards for successful hedge fund managers.
It's what they get for being successful, says Cooley.
These thought leaders, founders, and entrepreneurs are propelling the kind of future we want to be a part of.
- The tech industry may be dominated by men in terms of numbers, but there are lots of brilliant women in leadership positions that are changing the landscape.
- The women on this list are founders of companies dedicated to teaching girls to code, innovators in the fields of AI, VR, and machine learning, leading tech writers and podcasters, and CEOs of companies like YouTube and Project Include.
- This list is by no means all-encompassing. There are many more influential women in tech that you should seek out and follow.
Physicists create quantum entanglement, making two distant objects behave as one.
Researchers have just discovered the remains of a hybrid human.
90,000 years ago, a young girl lived in a cave in the Altai mountains in southern Siberia. Her life was short; she died in her early teens, but she stands at a unique point in human evolution. She is the first known hybrid of two different kinds of ancient humans: the Neanderthals and the Denisovans.
Poland has become an increasingly unwelcoming place for the LGBTQ community. 50 diplomats hope to change that.
- An open letter, signed by 50 ambassadors and NGO leaders, asked the Polish government to respect LGBT rights.
- The Polish Government responded by denying the implied discrimination exists.
- Poland has been deemed the "worst place to be gay" in the EU in spite of this.