A Quote by Garrison Keillor
Where I'm from we don't trust paper. Wealth is what's here on the premises. If I open a cupboard and see, say, thirty cans of tomato sauce and a five-pound bag of rice, I get a little thrill of well-being - much more so than if I take a look at the quarterly dividend report from my mutual fund.
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One isn't born with courage. One develops it by doing small courageous things-in the way that if one sets out to pick up a 100-pound bag of rice, one would be advised to start with a five-pound bag, then 10 pounds, then 20 pounds, and so forth, until one builds up enough muscle to lift the 100-pound bag. It's the same way with courage. You do small courageous things that require some mental and spiritual exertion.
My grandma used to plant tomato seedlings in tin cans from tomato sauce & puree & crushed tomatoes she got from the Italian restaurant by her house, but she always soaked the labels off first. I don't want them to be anxious about the future, she said. It's not healthy.
When you can sit down with a plain sheet of paper in front of you and make some notes, and, little by little, you see it take shape and become a concept for a movie or a TV show. That's a real thrill. You watch it go from notes on a paper to a meeting with writers and directors and actors. I can't think of anything that's more exciting.
The average person can’t really trust anybody. They can’t trust a broker, because the broker is interested in churning commissions. They can’t trust a mutual fund, because the mutual fund is interested in gathering a lot of assets and keeping them. And now it’s even worse because even the most sophisticated people have no idea what’s going on.
When the trust is high, you get the trust dividend. Investors invest in brands people trust. Consumers buy more from companies they trust, they spend more with companies they trust, they recommend companies they trust, and they give companies they trust the benefit of the doubt when things go wrong.
Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they are, the more money flows into their mutual fund. Then, it is more difficult for them to beat the market averages or even to match their own past performance.
I think there are probably too many hedge fund managers in the world, as well as active fund managers. The hedge fund industry is very efficient. We see a lot of hedge funds open and a lot close. It's very binary. You either succeed or fail in the hedge fund world. If you succeed, the amount the managers make it beyond most people's wildest dreams of wealth.
Hedge fund managers charge so much more than mutual fund managers; alpha is even harder to come by. They end up selling a variety of things beyond mere outperformance.
When you open up the court, now the point guards can see, they can score, and they're not afraid to take shots. Before it was like, 'No, don't take that shot. That's a bad shot. Pound it inside. Pound it inside.' And the philosophy has gone a little bit away from that, because it makes sense to do it the other way.
I do not own a single security anywhere that doesn't pay a dividend, and I formed a mutual-fund company with that very simple philosophy.
My parents always used to complain about my eating habits. I was different. I was wrong. Everything had to be plain or boiled. I was 14 before I ate pasta with tomato sauce. My dad would take me to the best restaurants, and all I would eat was rice with olive oil.
I didn't offer transparency. I provided one quarterly report in letter form. That was all you got. I basically demanded that if you're going to invest in my fund you need to accept my terms. The terms not being super highs, but just, I'm not going to cater to you.
I would run into the corner store, the bodega, and just grab a paper bag or buy juice - anything just to get a paper bag. And I'd write the words on the paper bag and stuff these ideas in my pocket until I got back. Then I would transfer them into the notebook.
I believe Washington should be a more active participant focusing on the issue of why corporate shareholders and mutual fund shareholders are not given fair treatment by corporate management and mutual fund management. We need to develop a national standard of fiduciary duty to ensure that these agents, if you will, are adequately representing the principles - pension beneficiaries and mutual fund shareholders - whom they are duty bound to serve.
I would say my being disheartened has more to do with American culture than anything else. We are becoming a very shallow culture. My goodness, the celebrity ethos has taken over completely. Turn on the television and you see that over and over. There's very little substance. And so, everything gets shorter. Everything is entertainment oriented. Our churches reflect that. A thirty-five minute sermon without a Power Point or video clips is rare these days. That's not true in other countries so much.
I make a great lasagna. I also like making piccadillo. It's a Cuban dish with ground beef, tomato sauce, garlic and olives served over rice, with plantains. My ex-husband and all my boyfriends love it.
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