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.
No, no, no, no, no. Anything but murder. Or rape. Or kidnapping. Or armed robbery. Or indecent exposure, ’cause that’s just creepy.