Great Moments in Punditry, Felix Salmon Edition

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Market Movers

by Ryan Avent

Main

Geithner! Obama's Economic Team

Nov 21 2008 7:48PM EST

Me, in July 2007, on the subject of the IPO of Kingdom Holdings, Prince Alwaleed bin Talal's investment vehicle:

Fancy investing in an extremely successful hedge fund without paying 2-and-20? ...
Kingdom could be the next Berkshire Hathaway (maybe it already is the next Berkshire Hathaway), and I suspect that its shares will trade up sharply in the secondary market.

Ben Holland, yesterday, on the same subject:

Those who bought Kingdom Holding shares when Alwaleed took his company public in a July 2007 initial share sale have lost 55 percent.

The S&P 500, yesterday, was down about 50% from July 2007, and Berkshire was down about 30%.

Note to self: when a billionaire sells equity in his own investment prowess, that's normally a very good deal -- for him. For the schmucks who buy the shares, not so much.

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