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Fees Quotes

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Fees Quotes

“At today's prices for medicines, doctors and hospitals-if the latter are available at any price-only millionaires can afford to be hurt or sick and pay for it. Very few people want socialized medicine in the U.S. But pressure for it is going to appear with the same hurricane force as the demand for pollution control if the medicine men and hospital operators don't take soon some Draconian measures... At the present rate of doctor fees and hospital costs under Medicare and Medicaid plans [taxpayers] are shovelling in billions with nothing but escalation in sight.”

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Author:Malcolm Forbes
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“As a general rule never take your whole fee in advance, nor any more than a small retainer. When fully paid beforehand, you are more than a common mortal if you can feel the same interest in the case, as if something was still in prospect for you, as well as for your client.”

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Book:Speeches and Letters of Abraham Lincoln(1832-1865) (EasyRead Super Large 20pt Edition)
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“The use of the word royalty, as fee to a proprietor for the exploitation of a work or property, derives from the period when the sovereign assumed title to all wealth of the realm. It was the struggle for freedom from these encroachments of the state that chiefly marked the Nineteenth Century, and established everywhere constitutional regimes of limited authority. In the Twentieth Century, however, we have witnessed a gradual and almost unrestricted movement back to state authoritarianism, primarily in the economic sphere, accompanied by the spread of state monopoly and intervention.”

StatesUseWealthStruggleEconomicCenturyMovementPeriodsAuthorityPropertySpreadTitlesRealmsSpheresRegimesExploitationSovereignMonopolyInterventionRoyaltyTwentieth CenturyNineteenth CenturyAuthoritarianismFeesEncroachmentStruggle For Freedom
Author:Elgin Groseclose
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“We have feudal governments in a commercial age. It would be but an easy extension of our commercial system, to pay a private emperor a fee for services, as we pay an architect, an engineer, or a lawyer. If any man has talent for righting wrong, for administering difficult affairs, for counselling poor farmers how to turn their estates to good husbandry, for combining a hundred private enterprises to a general benefit, let him in the county- town, or in Court-street, put up his sign-board, Mr. Smith, Governor, Mr. Johnson, Working king.”

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Book:The Complete Works of Ralph Waldo Emerson: Comprising His Essays, Lectures, Poems, and Orations
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“The American economy is going to do fine. But it won't do fine every year and every week and every month. I mean, if you don't believe that, forget about buying stocks anyway... It's a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market.”

IfsWayTryingYearsBelieveMeanLongGamesTermForgetEconomyWeekFineMonthsDon't BelieveInvestingLong TermBuyingInvestorsFeesAmerican EconomyBuying Stocks
Author:Warren Buffett
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“Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market movements, inadequate diversification, the payment of high and unnecessary fees to managers and advisors, and the use of borrowed money can destroy the decent returns that a life-long owner of equities would otherwise enjoy. Indeed, borrowed money has no place in the investor's tool kit.”

LongUseCoursesEnjoyMovementReturnBehaviorToolsInvestingActiveManagersDecentOwnersInvestorsOwnershipUnnecessaryTradingEquityLong LifePaymentInadequateBorrowedFeesAdvisorsDiversificationBorrowed Money
Author:Warren Buffett
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“There are a few investment managers, of course, who are very good - though in the short run, it's difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors - large and small - should instead read Jack Bogle's The Little Book of Common Sense Investing.”

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Author:Warren Buffett
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“The commission of the investment sins listed above is not limited to 'the little guy.' Huge institutional investors, viewed as a group, have long underperformed the unsophisticated index-fund investor who simply sits tight for decades. A major reason has been fees: Many institutions pay substantial sums to consultants who, in turn, recommend high-fee managers. And that is a fool's game.”

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Author:Warren Buffett
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“Experience conclusively shows that index-fund buyers are likely to obtain results exceeding those of the typical fund manager, whose large advisory fees and substantial portfolio turnover tend to reduce investment yields. Many people will find the guarantee of playing the stock-market game at par every round a very attractive one. The index fund is a sensible, serviceable method for obtaining the market's rate of return with absolutely no effort and minimal expense.”

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Author:Burton Malkiel
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“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.”

IndividualResponsibilityIndustryLowsOrganizationManagementInvestmentInvestingProfitDrivenEnormousManagersFundMutualInvestorsProvidingExploitationShockingSystematicFeesTollsColossalDisserviceMutual FundTurnoverIndex FundsFiduciaryInvestment Management
Author:David F. Swensen
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“He made the earth first and peopled it with dumb creatures, and then He created man to be His overseer on the earth and to hold suzerainty over the earth and the animals on it in His name, not to hold for himself and his descendants inviolable title forever, generation after generation, to the oblongs and squares of the earth, but to hold the earth mutual and intact in the communal anonymity of brotherhood, and all the fee He asked was pity and humility and sufferance and endurance and the sweat of has face for bread.”

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Book:Bear, man, and God: eight approaches to William Faulkner's The bear
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“When I lost my faith in people I put my trust in things To avoid the disappointment Trusting people brings... I tried to do it all myself then Surrounded by my stuff All I found were limitations I could not rise above There are gadgets and contraptions Immaculate machines There's a program you can download now That will even dream your dreams It'll even dream you dreams For a monthly fee Clear up your complexion You get a hundred hours free Possessions cannot save you.”

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Author:John Gorka
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“The major changes that will be occurring within the new merged partnership are exciting in many ways. First, we will have the highest forecast distribution growth rate of any of the major MLPs. Second, our coverage will be above average for the same peer group with expected $1.1 billion of excess cash flow coverage through 2017 and the Access cash flows, along with our major new fee based projects continue to dramatically reduce exposure to commodity prices.”

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Author:Alan Armstrong
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“Government can only do two things: It can beat people up and kill them. Or it can threaten to do so. When it seems to be doing something else - for example, handing out money or, say, surplus cheese - what's actually going on is that something has been taken away from one set of individuals by deadly force or the threat of deadly force, a hefty middleman's fee deducted, and whatever is left thrown to peasants delighted to receive stolen goods.”

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Author:L. Neil Smith
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“The bankers might not have said it in so many words, but gradually their strategy emerged: Target families who were already in a little trouble, lend them more money, get them entangled in high fees and astronomical interest rates, and then block the doors to the bankruptcy exit if they really got in over their heads.”

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Book:A Fighting Chance
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“In Mexico, a poor country, higher education is of quite good quality -- and is free. Ten years ago the government tried to impose small fees. There was a national student strike and the government backed down. High tuition is not an economic necessity, as is easy to show, but a debt trap is a good technique of indoctrination and control. And resisting this makes good sense.”

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Author:Noam Chomsky
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“Maybe you'll take the cash out. So a credit card company or a bank that goes into the business of saying we're going to be the broker, we're going to sell you a mortgage that you're going to be able to pay off, we're going to help you reduce your credit card debt, we're going to help you save for retirement, we're going to put you into mutual funds that have low fees rather than high fees.”

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Author:Richard Thaler
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“Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better than relying on your stock broker. The people who are telling you to do something else are all being paid by commissions or fees. The result is that while index fund investing is becoming more and more popular, by and large it's not the individual investors that are doing it. It's the institutions.”

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Author:Charlie Munger
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“For over 1,700 years, the Jews have been bewailing their sad fate in that they have been exiled from their homeland, as they call Palestine. But gentlemen, did the world give it to them in fee simple, they would at once find some reason for not returning. Why? Because they are vampires, and vampires do not live on vampires. They cannot live only among themselves. They must subsist on Christians and other people not of their race.”

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Author:Benjamin Franklin
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