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Mo' money, mo' myopia
The Economist notes that a plain vanilla 60/40 portfolio on the S&P 500 has delivered 10-year returns of more than 90 per cent, while hedge funds have returned 17 per cent after fees. So why do rich people keep investing in them? According to financial planner Carl Richards, the wealthier people get, the more they focus on complexity and ignore returns.

But what's this? A new hedge fund appears that charges less money for your mediocre returns.

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Global finance smackdown
Jamie "It's a free. Effing. Country" Dimon faces off against Paul "Complexity made simple" Singer at Davos. Awkward photos ensue.

Even by Wall Street standards ...
"Subprime Meltdown", "Hitman", "Nuclear Holocaust" and "Mike Tyson's Punchout" were the names bandied about by Morgan Stanley employees for a toxic asset they were about to sell to unsuspecting customers. Until now, internal communications have been kept under lock and key. But a private law suit from a Taiwanese bank has pulled back the curtain, and it's not pretty.

Speaking of subprime meltdowns, Frontline asks the U.S. Department of Justice some uncomfortable questions. For example, why have no Wall Street leaders been prosecuted for fraud related to the sale of bad mortgages? (Video).

Never mind
That tax stuff Phil Mickelson was complaining about? He takes it back.

(Jody White is the Web Editor for Streetwise.)

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