[With] closet indexing. . . . you're paying a manager a fortune and he has 85% of his … - Charlie Munger

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Quote of the day

I'm realizing, you don't need to change anything about yourself. This is who you are, and it's okay. That's daring.

Charlie Munger

[With] closet indexing. . . . you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.

Being Played, Assets, Fortune, Closet, Manager, Parallel

Same Author Quotes

Show me the incentive and I will show you the outcome

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Our biggest mistakes, were things we didn't do, companies we didn't buy.

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Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

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Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.

Advantage, Discipline, Moving, Odds, Understand

'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.

Different, Men, Practice, Practices, Thinking, Under

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