Michael LeBoeuf Quotes

I've been studying mutual funds since 1949, when I began researching my senior thesis at Princeton University.

The market always, in theory at least, looks ahead. And it's always trying to take in every bit of information that it can as quickly as it can. You don't really care so much if the company made a dollar last year; you want to know what it's going to make this year.

While it's wonderful that investors have access to all the data now available to them, it has become a full-time job to sift through it and separate out the valuable news from the useless noise.

As a rule, bond funds will not double your money overnight.

There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.

I think you'll do as well as most professionals. Most professionals don't beat the market. Let's not over-rate my industry. But if you have time, you can be in good mutual funds that have good records.

Asia has been by all accounts an incredible investment made by Yahoo.

Producers are not gamblers. They want a good return on their investment.

There's accountability in the mutual fund industry. And they've been tremendous engines of wealth for people and they're going to continue to be so.

There may be less of a chance of losing all the money you put into a mutual fund than there is of losing all the money you put into lottery tickets, but you're never going to win big in a mutual fund.

If you go back to the late '50s, there really was nothing called "academic finance." Well, there was something being taught in business schools as finance, but it really had no strong research underpinnings.

The Vanguard Experiment was designed to prove that mutual funds could operate independently, and do so in a manner that would directly benefit their shareholders.

The individual dynamics going on within a venture fund are critically important to you. Unfortunately, they're also very opaque.

We believe the size is almost irrelevant to investment success. Our size has certainly not diminished our enthusiasm for investing in our funds, our ability to find or create opportunities, or our performance outlook.

You have expectations always when you buy players. Mostly, you have positive expectations.

You don't tell a player you can't monitor your investments for a month. There's no way you're going to have a billion-dollar investment and never fail to monitor it for a period of time.

It's pretty challenging for large funds to spend the time and energy necessary to get a meaningful return when most of the wins coming out are perhaps below $100 million exits and the ones above are very few and far between.

Throughout the universe of public and private funds, managers are measured quarterly against one index or another, defined by statistics, and corralled into this category or that category so that fund of funds, pensions, and other institutions can make comforting - if not necessarily prudent - asset allocation decisions.

All the research shows that investing in women is a good investment

We do all that [ represent companies], because we have a lot of research in Japanese companies, and that research educates investors around the world. It allows us to sell stocks and bonds in Japanese companies.

Focus on return on equity, not earnings per share.

Wright and Cowen, who have separately written important scholarly works on the financial history of the early republic, here repackage their research for readers of popular history, and do so impressively.

You shouldn't just pick a stock - you should do your homework.

Surprise! The returns reported by mutual funds aren't actually earned by mutual fund investors.

Spend at least as much time researching a stock as you would choosing a refrigerator.