The damage, the fatigue, the imperfections. That's how they recognize me; Why I belong to them.
The principal role of the mutual fund is to serve its investors.
It's 1450 out of 1500 ETF funds that I just wouldn't touch because they're not diversified enough. Or they have some huge speculative twist to them that if you can guess the markets right you will do very well for a day or two but who can do that? Nobody.
On balance, the financial system subracts value from society
Managed funds are astonishingly tax-inefficient.
The business has some problems, substantial problems. You go fix it, you young people. That's what you're there for. Don't believe what the old generation tells you. We don't know a damn thing, including Bogle.
While the apostles of the new so-called "behavioral" theory present ample evidence of how often human beings make irrational financial decisions, it remains to be seen whether these decisions lead to predictable errors that create systematic mispricings upon which rational investors can readily and economically capitalize.
The Orlando terrorist may be dead. But the virus that poisoned his mind remains very much alive. And we must attack it with clear eyes, steady hands, unwavering determination and pride in our country and our values.
I think jazz is a phenomenal creative force, because it's one man, one vote as you're playing, but it's a collective thing, what you're doing. You're listening to all the musicians around you and you're working within that structure.
I don't think they'd ever make a movie about Chuck Baker but I'd love to play Chuck Baker
Experience: that most brutal of teachers. But you learn, my God do you learn.