A Quote by Donald Luskin
The fundamental work of investment management is filtering. The question is what do you filter.
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In the digital age, we filter forward instead of filtering out. As a result, all that material is still available to us and to others to filter in their own ways, and to bring forward in other contexts.
The question is not about whether it will work or not. It's how quickly we can pull it off. Structural change will happen. When economies grow, there comes a time when you cannot rely on investment alone. We had that. The return on investment is becoming less and less. So we have to change. The old model doesn't work anymore. It's a question of speed.
The essence of investment management is the management of risks, not the management of returns.
In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women
There's more honor in investment management than in investment banking.
On the other hand, I think that the family, the traditional family, has a fundamental social role, because it's there that children are born and the investment in children is the greatest investment a country can make. The benefits of this investment go to everyone.
It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.
That's the fundamental question. Do we have a check and balance system? Do we have three equal branches or do we have one supreme branch, not just the Supreme Court? That's the fundamental question.
There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service revolves around the attainment of adequate diversification, the preservation of a long-term outlook, the ease of handling investment decisions and mechanics, and most importantly, the avoidance of the patently inferior investment techniques which seem to entice some individuals.
The culture of the mutual fund industry, when I came into it in 1951, was pretty much a culture of fiduciary duty and investment, with funds run by investment professionals. The firm I worked with, Wellington Management Co., they had one fund. That was very typical in the industry... investment professionals focused on long-term investing.
Goldman Sachs saying they might be interested in such an investment. I'm familiar with the company. I've known the management, the current management, Jack Welch before Jeff Immelt. I've known him for decades.
Filtering can be a very good thing when it comes to human relationships and familial harmony. Yeah, filtering is often an absolute necessity.
Management did not emanate from nature. Management is not a tree: it's a television set. Somebody invented it. It doesn't mean it's going to work forever. Management is great. Traditional notions of management are great if you want compliance. But if you want engagement, self-direction works better.
Everyone is taking selfies. Everyone's actually getting that - looking at themselves and they filter. Now if they do a little filtering, it's OK because they want to look like a better version of themself. Overdoing it though can be a little bit more of that dysmorphic issue where it's not a good thing.
Due to the failure of politics, which has become a process of middle-management, art has become one of the last open spaces to question core beliefs and to design a viable future. Art becomes an open space where we can ask fundamental questions about ourselves.
I'm delighted to be joining INVESCO, an organization that has been growing both in terms of assets under management and the breadth of investment capabilities offered. I see great potential in working with the accomplished investment centers within INVESCO and providing expertise to help develop strategic solutions for our clients.
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