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Billionaire Lawyer Offers Investment Advice: Cocaine Is Less Dangerous than Hedge Funds

Posted Dec 12, 2011 7:39 AM CDT
By Debra Cassens Weiss

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Billionaire lawyer Joe Jamail has some investment advice: Avoid hedge funds.

“I’d buy cocaine rather than buy that,” he tells Bloomberg Markets Magazine. His advice on the best place to park $1 million? “In my mattress.”

Jamail was one of 10 billionaires interviewed by Bloomberg for investment advice. The 86-year-old Houston lawyer, who made news in 1985 when he earned a record $335 million contingency fee, has most of his money in bonds.

He recalls his father’s investment advice—don’t buy stocks—as the best. “I usually don’t invest much in the market directly,” he says. “I always look for price returns rather than income, because I make enough f------ money out of this sue shop—my law office.”

Airline stocks were his worst investment, Jamail tells Bloomberg. His best investment: a law degree.

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