Hedge Fund Compensation Future
Barton Biggs Expects Hedge Fund Compensation to Fall
Compensation levels for hedge funds and investment management firms "are going to come down very significantly versus other parts of the economy," investor Barton Biggs told CNBC Friday.
"I believe that the financial services industry, including hedge funds and investment management firms, are in the early stages of a secular bear market," said the managing director of the multibillion-dollar hedge fundTraxis Partners.
In a recent report, Biggs advised his grandchildren to be engineers if they want to be rich, rather than work on Wall Street, because compensation is bound to come down from their highs.
The longtime bull sees the U.S. stock market rally continuing. Source