Investment Management Quotes

A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business

The essence of investment management is the management of risks, not the management of returns.

I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, "My God, they're purple and green. Do fish really take these lures?" And he said, "Mister, I don't sell to fish." Investment managers are in the position of that fishing tackle salesman.

The fundamental work of investment management is filtering. The question is what do you filter.

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.

People who watch their weight, golf scores, and fuel bills seem to shun quantitative evaluation of their investment management skills although it involves the most important client in the world-themselves.

In my opinion, the entire field of investment management, involving hundreds of billions of dollars, would be more satisfactorily conducted if everyone had a good yardstick for measurement of ability and sensibly applied it.

'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish behavior - like investment management practices of many foundations represented here today. It is sad that today each institutional investor apparently fears most of all that its investment practices will be different from practices of the rest of the crowd.

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.

There's more honor in investment management than in investment banking.

The most treasured asset in investment management is a steady hand at the tiller.

In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women

I was an ambassador for Betway during the Rugby World Cup and at the moment I'm working as an ambassador for Artemis Investment Management. I also organised the first Rugby Aid in 2015. We had celebrities playing rugby against former England team players and raised a ton of money for Rugby For Heroes [a charity for former servicemen and women]. Only one celeb got crunched quite badly - Jaime Laing from Made in Chelsea ended up with cracked ribs.

The illusion of skill is not only an individual aberration; it is deeply ingrained in the culture of the [investment management] industry.