Investment Objectives Quotes

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.

My rather puritanical view is that any investment manager, whether operating as broker, investment counselor of a trust department, investment company, etc., should be willing to state unequivocally what he is going to attempt to accomplish and how he proposes to measure the extent to which he gets the job done.

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.

Whenever you hear a discussion about the short-term swings in any given stock's price, your immediate thought should be whether it matters to why you are investing.

Wide diversification is only required when investors do not understand what they are doing.

Mutual fund managers want your money in their funds. They get paid based on assets under management.

Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.

Every time we make an investment decision at FedEx, we ask ourselves: 'What is the return on this investment?'

I have targets for business achievements; I do not have targets for acquisitions. Because if you have targets for acquisitions, you end up making compromises in terms of valuations, and you buy things because you have a target, and it is not good for business.

Assessing management quality is clearly one of the most important aspects of an investment decision.

The role of private equity as fiduciaries is certainly to make money.

I'm making a case against how money managers are handling customers' money. The objective of the customer is not being met if the fund managers are diversifying their assets into hundreds of businesses. If they do this, they are typically performing close to the indexes. But that's not the way wealth is created.

The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification.

ESG investing poses particular concerns under the Employee Retirement Income Security Act, or Erisa, the federal law governing private retirement plans.

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.

I thought if we could put our hard-working culture as traders into the asset management, it will be a great combination, and we did do that.

It always seemed mad to me that people who have common investment objectives, let alone are related to each other, should take their capital and allow it to be less efficient by breaking it up into smaller bits.

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.

It is intellectually dishonest to lump venture investors with hedge fund and buy-out investors.