Nova Law

NY Investment Bank Salaries = Vietnam's GDP

Indeed. I was yesterday re-reading Buffett's 2005 Berkshire Hathaway Annual Report. In his concluding paragraph I read him crediting his being born an American as one of the principal components of his success. It is nothing to be ashamed of, as neither is being born in the United Kingdom or even in Vietnam. Knowing and being proud of where you come from is an important component of success.

Faber's comment would be more impressive to me if he would adopt the tactic of Buffett - drawing only a 100K per year salary and donating the sum of his life's work to a charitable remainder trust. Without that, it sounds much like a rich guy feeling sorry for having so much money. But while he's free to feel like that, I draw the line at his attempt to reach into my pocket and to steal my money for the "benefit" of Vietnamese rice paddy farmers.

NY Investment Bank Salaries = Vietnam's GDP

Where would you rather work, David? As an investment banker in Manhattan or as a pice paddy farmer in Vietnam? Because that's what Faber's foolish comment comes down to.