“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.” PeopleWayGivingYearsTwoWholeTodayTogetherGuyValuesThreePoorFourProductsTerriblePercentBasesManagementInvestmentInvestingFundMutualPercentagesLike SomethingBuyersMoney ManagementGeneral PublicFunny BusinessBrokersMutual FundInvestment Management Author:John C. Bogle
“What we think of as Halloween is really the product of media barons, city mayors, and candy-makers. You know, before the 1920s, Halloween was really a terrible, terrible night.” ThinkingKnowsNightCitiesMediaProductsTerribleMakersHalloweenCandyMayors Author:Chuck Palahniuk
“Mutual funds charge 2% per year and then brokers switch people between funds, costing another 3-4 percentage points. The poor guy in the general public is getting a terrible product from the professionals. I think it's disgusting. It's much better to be part of a system that delivers value to the people who buy the product. But if it makes money, we tend to do it in this country.” PeopleIfsThinkingYearsCountryGuyValuesPoorProductsTerribleMaking MoneyFundMutualDisgustingPercentagesGeneral PublicBrokersMutual Fund Author:Charlie Munger
“The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And most people do not get this straight in their heads. But a fellow like Buffett does. For example, when we were in the textile business, which is a terrible commodity business, we were making low-end textiles-which are a real commodity product. And one day, the people came to Warren and said, "They've invented a new loom that we think will do twice as much work as our old ones."” PeopleThinkingDoeSaidRealEndsHelpingTechnologyExampleProductsTerribleLessonsOne DayLowsFellowsCommodityBuffettTextilesMicroeconomics Author:Charlie Munger
“One of the popular views in the liberal circles of the West is that we are actually 'all victims of capitalism'. I disagree. This savage global capitalism is only one of the most terrible bi-products of the dominant Western culture of racism, greed, brutality and unbridled desire to control the world.” WorldDesireCultureViewsProductsTerribleRacismCapitalismVictimWestWesternGreedCirclesDisagreeSavagesDominantBrutalityWestern Culture Author:Andre Vltchek