David Rosenthal: belief

Transcript context

…I'll bet. I did read about the investment managers and we'll get to the second one here in a minute, how they're compensated. Warren does let it slip in an interview that they basically are compensated for their performance above the S&P every year. There's some 3-year characteristic to it where they're paid on a 3-year basis. There's an opportunity for basically Berkshire to have a claw back if they underperform in the latter years of the 3-year rolling basis. You can see for somebody like Li, this is total speculation and rumors that are online, it's never been confirmed one way or the other but supposedly the other candidate according to rumors was David Einhorn from Greenlight Capital I think. The famous hedge fund manager. But for folks like that, it's not an attractive value proposition really to go work at Berkshire. But for Todd who's running a small $100 million hedge fund, this is the chance of a lifetime. When this interview came out, I don’t know, a few years ago maybe more the capital pull for each investment manager was $13 billion. Even on its own, it's a very large hedge fund, even your little sliver that you're managing.…

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