A Quote by Joe Montana
I started a business with two guys I played with, Ronnie Lott and Harris Barton: Champion Ventures, it's a fund of funds. We have $400 million or so under management.
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The general systems of money management today require people to pretend to do something they can't do and like something they don't. It's a funny business because on a net basis, the whole investment management business together gives no value added to all buyers combined. That's the way it has to work. Mutual funds charge two percent per year and then brokers switch people between funds, costing another three to four percentage points. The poor guy in the general public is getting a terrible product from the professionals.
Invest in low-turnover, passively managed index funds... and stay away from profit-driven investment management organizations... The mutual fund industry is a colossal failure... resulting from its systematic exploitation of individual investors... as funds extract enormous sums from investors in exchange for providing a shocking disservice... Excessive management fees take their toll, and manager profits dominate fiduciary responsibility.
I was a San Francisco fan when Joe Montana and Ronnie Lott and those guys where there. And I watched Joe Montana get cut and go to K.C. and still ball.
One of my favorite guys was Ronnie Lott. I had and have such tremendous respect for him that when I finally got a chance to coach him, I couldn't get enough of uncovering and understanding what made him tick and what made him be who he was.
Mutual fund managers want your money in their funds. They get paid based on assets under management.
Let us not forget that we have two governmental reserve funds: the Reserve Fund and the National Wellbeing Fund that represent together $100 billion.
I bought a company in the mid-90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.
I bought a company in the mid-'90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.
The fund scandals shined the spotlight on the fact that mutual fund managers were putting their interests ahead of the fund shareholders who trusted them, which had much more substantial consequences in the form of excessive fees and the promotion - as the market moved into the stratosphere - of technology funds and new economy funds which were soon to collapse.
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.
Vanguard never would have happened if I hadn't been fired as CEO of Wellington Management Company, the firm that did the investing for the Wellington fund and eight sister funds.
I had to learn the hard way. There was a blindness, without any education or will or drive. Everything I started in the beginning from skate shops to record labels to a million and one side hustles that I went in without knowing how I was going to do it, a lot of those ventures just went out of business.
With more than two million Taiwanese living on the mainland and some 400,000 mainland Chinese in Taiwan, plus several million mainlanders visiting Taiwan, the two sides must further boost their interactions and relations.
Ronnie Lott - he got a really good shot on me once and I learned that unless I wanted to shorten my career, I needed to steer clear of his path.
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.
The largest outbreak of bird flu in American history was an H5N2 virus, which led to the deaths of 17 million domestic birds and cost the nation more than $400 million during an outbreak in Pennsylvania that started in 1983.
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