At a national level, there are no single keys, there aren’t even major factors. You’re kind of trading in the same narrative rhetoric of the article you are ackshuallying.
The Renaissance Technologies example is funny anyway. My dude, literally nobody but bankers thinks hedge funds are good for the economy, let alone a good use of “productive employees.”
For Renaissance specifically, their signature fund has been closed to outside investors (with all funds returned) for decades, so pension funds aren't able to take advantage of their outperformance. I believe their publicly-available funds don't have nearly the same kind of returns.
With all that aside, better liquidity and pricing of risk is the overall systemic value that all speculators in the market provide. You be the judge as to whether the remuneration is commensurate with that value.
Yeah but Renaissance is funny because they have 2 funds. The Medallion fund which only has employee money makes the amazing returns, while the normal fund for pension funds barely outperforms the market.
Except there are far more funds that already do that (even if their count is in the minority), so their sheen wears off.
Oh wait, there have been some years the normie fund actually underperformed the market, while the Medallion fund exceeded its expectations. So much that investors got real pissed (around 2018 iirc), and that's how the separation of funds structure actually came in the financial media spotlight.
Not if the economy collapses before you can collect / spend your pension. I think such an event is inevitable even though it may be a long time away. Pending global conflicts could bring it forward. If you need a pension and don’t get it there isn’t really much you can do about it.
> At a national level, there are no single keys, there aren’t even major factors.
It is possible to stare so hard at all the trees that you miss the forest, that’s true. But if you take a step back and look at the big picture it’s not that complicated. Adam Smith had most of it right in 1776.
> At a national level, there are no single keys, there aren’t even major factors.
> My dude, literally nobody but bankers thinks hedge funds are good for the economy.
These two beliefs explain each other. If you don't believe the control plane is productive you will struggle to see any major factors in growth. The reason economies grow is because powerful members of society can benefit directly, personally and excessively when there is growth. Otherwise they'd ban growth for environmental reasons (or similar). That reason is both necessary and sufficient.
At a national level, there are no single keys, there aren’t even major factors. You’re kind of trading in the same narrative rhetoric of the article you are ackshuallying.
The Renaissance Technologies example is funny anyway. My dude, literally nobody but bankers thinks hedge funds are good for the economy, let alone a good use of “productive employees.”