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Matt Levine

Rich Hedge Fund Managers Are Still Rich

Did you know that Warren Buffett was paid $15.5 billion in 2014? He's worth it though.

If you have billions of dollars at the beginning of the year, and you invest your money, and the market goes up, then at the end of the year you'll have made hundreds of millions of dollars. This is very obvious, but here is your annual reminder of it, dressed up as overpaid hedge fund managers:

This is not especially true, though, for ordinary uses of the word "compensation." Here is how Institutional Investor describes its methodology: