Felix Salmon has a Jimi Hendrix moment

Felix Salmon can answer yes to Jimi's "Are you experienced?".

Outing his own error, Felix noted that about a year ago he thought buying into Prince Alwaleed's hedge/private equity vehicle could be a good buy, but since then the price has dropped 55%. Said he,

Note to self: when a billionaire sells equity in his own investment prowess, that's normally a very good deal -- for him. For the schmucks who buy the shares, not so much.

Several months ago, in discussing how Blackstone was pulling off a similar scheme, Guambat related an old saw:

Guambat recalls roughly an old saw that goes something like, "when a man with experience meets a man with money, the man with experience ends up with the money and the man with the money ends up with an experience."

Commentors to Felix' post had similar thoughts.