09-22-2017, 12:31 PM
"The fund has generated an annual return of 5.9 % since January 1998, a figure that is reduced to 4% when management costs and inflation are included."
That's nice, but well off the "10-12%" figures usually touted by market hawks.
At 4% a year, it would take 72/4=18 years to double an initial investment.
So, very generally speaking, about half of that trillion is principal, or in this case, profits from state-owned oil revenues and taxes.
And, all investment choices are made by the state.
There's some capitalism there, for sure, but that is NOT the product American capitalists are trying to sell us.
That's nice, but well off the "10-12%" figures usually touted by market hawks.
At 4% a year, it would take 72/4=18 years to double an initial investment.
So, very generally speaking, about half of that trillion is principal, or in this case, profits from state-owned oil revenues and taxes.
And, all investment choices are made by the state.
There's some capitalism there, for sure, but that is NOT the product American capitalists are trying to sell us.