Patience and tuning out the noise is what really gets rewarded in the market. |
People see triple-digit returns and their eyes light up. It's easier to be rational when you're comparing 10 percent and 12 percent returns. |
Sometimes we've seen managers fairly divorced from the process. Maybe they don't pay those fees or worry about tax consequences. But if they have a lot of money in the fund, you can bet they do. |
Sometimes you have to pull the trigger, ... Sometimes it's best to sell it and not be trapped by inertia. |
That was a train wreck. |
The biggest theme is the biggest winners from last year were the biggest losers last week. |
The fund industry doesn't have a lot of heroes, but he (Bogle) is one of them. The fund industry is a much better place because of him. |
The good news is that growth funds that are down this year, if you've been in them for 18 months or more, you've still made tremendous returns, |
The impact in dollar terms is very small for most funds. But it's a serious principle that's been violated. |
The obvious theme in most of these strong performers is the Internet, |
The problem with that is you're moving an aircraft carrier like a speedboat, and there's lot of dangers in that, ... And that's one of the reasons that Magellan had the problems it did in the mid-90s when Bob Stansky came on. However, he took a more realistic approach and took turnover down, invested mainly in large cap and it worked much better for Magellan. |
The SEC has a fairly ambitious agenda, ... It seems like they have taken on a more shareholder-friendly view. |
The SEC has a fairly ambitious agenda. It seems like they have taken on a more shareholder-friendly view. |
The SEC is clearly staking out some valuable turf in terms of requiring that fund companies give truly accurate representations of their funds in ads, |
The SEC is clearly staking out some valuable turf in terms of requiring that fund companies give truly accurate representations of their funds in ads. |