WSW: Louis Rukeyser's Wall Street Summary & Discussion $treet: Re: Re: Where are the customer's Penthouses?

» Kirk - Re: Re: Where are the customer's Penthouses?

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In response to Re: Where are the customer's Penthouses? posted by stocksystm:

Interesting. Take a look at how he got rich.

His top two holdings are bond for 19% of the total. Next is shown as Fannie Mae bonds at 4%. I wonder if these took a hit like the parent company which has recently been crushed.

Sly Marty has Total Net Assets of $420,102,000 beung managed with a 1.36% management fee! That is pretty hefty for such a high bond weighting!

1.36% of $420M is $5.71M! He probably has to spend for an office and a secretary.

Lets not forget he has the "Zweig Total Return Fund"

with another (As of 6/30/2004) Total Net Assets of $519,143,000 at 1.33% earning a total of $6.9M

1.33% to manage a fund over 50% in fixed income!

so $5.7M + 6.9M = $12.6M a year in management fees.....

and that is before you account for any private client relationships.

<img src=http://images.amazon.com/images/P/0471119784.01.MZZZZZZZ.gif align=left>Where Are the Customers' Yachts? or A Good Hard Look at Wall Street
by Fred Schwed, Peter Arno (Illustrator) Makes a WONDERFUL Gift

Review: ".. . one of the funniest books ever written about Wall Street" Jane Bryant Quinn, The Washington Post. Covers the gamut of financial players and the clients who bring them business. Brimming with amusing anecdotes and stories, this often hilarious cautionary tale is fully illustrated.

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-- posted by Kirk