I wrote:
Brad DeLong: Felix Salmon vs. Leon Cooperman: Leon Cooperman has been very valuable to have around over the past two decades--but he didn't build that. He helped the asset price mechanism function more efficiently, he outwitted his counterparties, and he charged his investors an 87% commission on value added…
ezra abrams replies:
One word:
survivorship bias
That's two words, Ezra!
But: touché…
