A Quote by Paul DePodesta
There are a lot of parallels between being a mutual fund manager and being a general manager. Both in the financial markets and in baseball, we're dealing with a world where uncertainty reigns. We're trying to predict the future performance of human beings. It's a fundamental difficulty for which we both have to account.
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It is the nature of being the general manager of a baseball team that you have to remain on familiar terms with people you are continually trying to screw.
Mutual fund manager performance does not persist and the return of stock picking is zero.
If I had any interest in coming back to baseball, it would be as a general manager and not as a manager.
The notion is that human beings are born, (as my Guru has explained many times,) with equivalent potential for both contraction and expansion. The ingredients of both darkness and light are equally present in all of us, and then it's up to the individual (or the family, or the society) to decide what will be brought forth - the virtues or the malevolence. The madness of this planet is largely a result of human being's difficulty in coming into virtuous balance with himself. Lunacy (both collective and individual) results.
Art and poetry cannot do without one another. Yet the two words are far from being synonymous. By Art I mean the creative or producing, work-making activity of the human mind. By Poetry I mean, not the particular art which consists in writing verses, but a process both more general and more primary: that intercommunication between the inner being of things and the inner being of the human Self which is a kind of divination (as was realized in ancient times; the Latin vates was both a poet and a diviner). Poetry, in this sense, is the secret life of each and all of the arts.
The most important relationship a head coach has on his team isn't with the other coaches, the owner or the general manager. It's with the quarterback. He's the one who runs the show on the field; He's the ultimate extension of his coach. If there isn't a high level of mutual trust between them, both coach and quarterback will be doomed.
A Financial Research Corporation study determined that the expense ratio is the only reliable predictor of future mutual fund performance.
A manager sets objectives - A manager organizes - A manager motivates and communicates - A manager, by establishing yardsticks, measures - A manager develops people.
There are a lot worse things you can do with all your bucks than giving them to even a mediocre mutual fund - such as, for example, giving them to a mediocre hedge fund. If supporting the lifestyle of a mediocre fund manager is your favorite charity, who am I to stop you?
There is one thing of which I can assure you. If good performance of the fund is even a minor objective, any portfolio encompassing one hundred stocks (whether the manager is handling one thousand dollars or one billion dollars) is not being operated logically. The addition of the one hundredth stock simply can't reduce the potential variance in portfolio performance sufficiently to compensate for the negative effect its inclusion has on the overall portfolio expectation.
Baseball is a simple game. If you have good players, and you keep them in the right frame of mind, the manager is a success. The players make the manager. It's never the other way. Managing is not running, hitting, or stealing. Managing is getting your players to put out one hundred percent year after year. A player does not have to like a manager and he does not have to respect a manager. All he has to do is obey the rules. Talent is one thing. Being able to go from spring to October is another. You just got caught in a position where you have no position.
Baseball and golf have a lot of things in common, including the fact that players in both games love hitting for power. However, in both sports, trying to do so strictly with muscle strength doesn't work very well. In fact, I see a lot of guys in both baseball and golf struggle when they try to swing with tight arms.
As a portfolio manager, when do you start advising to your clients that they have some cryptocurrency exposure? When will there be an index fund, a mutual fund of cryptocurrencies? It will happen.
Human being is both being in the world and living in the world. Living involves responsible understanding of one's role in relation to all other beings. For living is not being in itself, but living of the world, affecting, exploiting, consuming, comprehending, deriving, depriving.
In every mutual fund prospectus, in every sales promotional folder, and in every mutual fund advertisement (albeit in print almost too small to read), the following warning appears: "Past performance is no guarantee of future results."
Feminism is really the right of women to be full human beings and to not be defined only by their childbearing function. Feminism is really the right of women to be human beings. That's it, yet that's so frightening to a lot of people. A full human being wants satisfying work and love. A full human being is entitled to both, and is not simply defined by only one aspect of her being.
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