Come the Revolution…

‘Never have so few done so little and made so much doing it,’ we said last week. We repeat it so you can write it down.

Money shuffling doesn’t make anyone richer. It merely moves money from the dull people who earn it to the sharp people who skim it off.

But at least the sharp people are having fun with it, this time around.

Normally, you see, rich people try to be a little discreet. They don’t want to foment envy or discontent and end up like Marie Antoinette, who famously joked within earshot of the hired help:

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“Why are those women protesting?” she wanted to know.

“Because they are hungry; they have no bread.”

“Then let them eat cake!”

What a wit. Too bad she had to lose her head.

But the wits who are living it up in 2007 may not be half as sharp as they think they are, either.

A survey of 294 hedge fund managers, with an average net worth of $197 million, says they spent the following amounts of money last year:

  • $3.9 million on fine art
  • $429,000 on yacht charters
  • $376,000 on jewelry
  • $204,000 on clothes and accessories.

When you’ve got it, flaunt it.

Here in London, the hedge fund managers are conducting ‘champagne battles,’ according to the Sunday Times. They don’t just drink champagne; they shake up the bottles and spray each other. According to one club director, a single night battle for ‘effervescent supremacy’ set the sharpies back $150,000.

“Come the revolution…” says a disgusted friend.

Bill Bonner

Bill Bonner

Best-selling investment author Bill Bonner is the founder and president of Agora Publishing, one of the world's most successful consumer newsletter companies. Owner of both Fleet Street Publications and MoneyWeek magazine in the UK, he is also author of the free daily e-mail Markets and Money.
Bill Bonner

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