George Clooney Ought To Stick To Filmmaking, And Leave Finance To Daniel Loeb
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To the above, Clooney has lashed out, calling Loeb a carpetbagger who knows nothing about our business. And to show how silly modern economic discourse has become, Clooney laughably asserted that Hedge-fund guys do not create jobs, and we [in the movie industry] do. Not so fast. In Clooneys defense, hes not alone in his views about capital allocators like Loeb. But to be clear, and with job-creating growth in mind, if hedge funds didnt exist wed have to invent them. Hedge funds, as their high profits and losses indicate, take the risks that no one else will, and their profits/losses provide precious market signals telling investors where capital is needed, and where its not.