Tuesday, January 23, 2018

pity that one percent

I sometimes live on Fantasy Island

     I dream about the big house on the beach, the mansion in the woods, the Rolls Royce in the driveway......
     (I was going to use BMW, but that doesn't work anymore.)
     I admit I envy people with money.  I wish I had more money.  I  fantasize about buying whatever I want.
     I also admit, I have no idea what a hedge fund is, or what a hedge fund manager is.
     In my idiotic thinking, a hedge fund is money you put aside to trim the hedges.  And a manager is the guy who trims them.
     A new residential building is opening in downtown Chicago.  Condos.  70 of them.  Mostly sold.
     One guy bought the penthouse unit for over $27 million.  He, founded a hedge fund years ago.  I'm sure  the penthouse has great views and wonderful amenities.
     And he must have liked the location, because he also bought the entire 37th floor for $12.5 million.  And the 36th floor for $12.1 million.  And the 35th floor for $12.5 million.
     Let's see....add the ones, carry the tens, factor in a bite of chocolate pie and the total purchase price was $58.75 million.
     According to the article, he likes Chicago and the location.  Of course, he also has a full story in the Waldorf Astoria ($13 million), top two floors of the Park Tower ($21 million), the top three floors of a midtown New York condo ($200 million) and homes in Aspen, Hawaii, and Palm Beach, FL.
     I don't know what a hedge fund is.......but if I had a kid, that is where I'd steer their career starting with a lawn mowing business at age 8.
     I just hope his view won't be spoiled by any of the thousands of homeless people living on the streets below his $57 million property.
     I know I sound bitter.......but sometimes our system sucks.


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