The number-one job of the hedge-fund manager is not to make sure that you can retire with a smile on your face – it's for him to retire with a smile on his face.
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The problem of how we finance the welfare state should not obscure a separate issue: if each person thinks he has an inalienable right to welfare no matter what happens to the world that's not equity it's just creating a society where you can't ask anything of people.
