Word: riche
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...course, the children of wealthy parents don't always grow up to be self-indulgent, feckless adults, just as deprived children don't always become driven overachievers. But literature and media are stuffed with rich-kids-gone-bad stories, and there's plenty of anecdotal evidence that cosseted offspring can lack the thrift, independence, ambition, persistence and entrepreneurial spirit that contributed to their parents' success. Most people have heard of the "shirtsleeves to shirtsleeves" curse, which holds that family wealth, once accumulated, is typically dissipated by the third generation because trust-fund babies, having little regard for the money that...
...taking it on the chin, victims of the global financial crisis and the one-two punch of poor returns and unhappy investors. After nearly doubling in size since 2002, to around 8,000 total funds last year, the industry is on the brink of a brutal contraction as customers - rich investors, university endowments and pensions funds that make up the bulk of hedge funds' clientele - rush to withdraw their investments. Some analysts predict that a quarter of all hedge funds could fold by the end of the year. Stephen Brown, an economist at New York University's Stern School...
...probability of failing - say, 10% - an unskilled manager has a 90% chance of making good. But if the bet does go south, the industry's fee structure, which often includes 2% of investors' money plus another 20% of profits, ensures that the manager will walk away from the wreckage rich, even if his investors...
...extremely wealthy investors who understand the risks involved and who can hypothetically absorb occasional big losses. In return, the industry has largely been exempted from the regulatory and disclosure requirements imposed on more common mutual funds. But hedge funds haven't just been the domain of the ultra-rich. Other pools of wealth, including university endowments and public pension funds, have put their money in so-called funds of hedge funds, which spread risk by investing in a portfolio of hedge funds and hence are considered safer. But since hedge funds are doing badly, so are funds of hedge funds...
...South Korea, golf-club memberships are the ultimate status symbol among the country's newly rich. Limited in number, memberships in the most prestigious clubs trade like prized stocks and often reach hundreds of thousands of dollars. A year ago, the golf membership belonging to Kim Joo Hyong, the chief executive of a small trading firm, was worth $350,000. But as the shockwaves from the U.S. financial meltdown slammed into South Korea in September, Kim nervously watched cash-starved golfers dump their memberships on an Internet site that tracks their value, sending prices plummeting. The country, he became convinced...