Carried interest, the American taxpayers, David Swensen, heros.
Can talk about carried interest as it was the subject of close to 1000 hours that David Swenson spent teaching economics to Barack Obama for 8 years on Wednesday mornings from 8 am to 10 am. David ran Yale's endowment for 25 years turning 1b into 40b. He was my squash partner for all of that time and a passionate collector. Offshore money and carried interest were the two issues that bothered David. He succeeded in eliminating offshore tax havens but Obama's Hedge Fund campaign donors stopped him from killing carried interest. And it did cost Jim Simon close to 10b in taxes just before he passed away. He had this problem because he made a 68% annual return for over 20 years with Renaissance Technologies. Even carried interest couldn't help him. My feelings are mixed because there are a lot of people who have made tens of billions because of carried interest that are the world champions of giving back. They are my heros an...
