The objective in money management . . . is to outperform the market. It's not simply to protect principal - a no-brain investment in Treasury Bills can do that; it's not merely to provide an attractive return over and above inflation - a random assortment of stocks and even the recent inflation-indexed bonds can do that. And it's not to replicate the action of a Vegas casino - offering the prospect of limitless jackpots and ultimately providing the stark reality of countless empty wallets. What money managers are supposed to do is beat their "bogey" with as high a return and as little volatility as possible.
Bill Gross in "Investment Outlook (PDF format)" (February 1998) from PIMCO. Now maybe Bill Gates knows how Michael Milken felt. The world's richest man sat through a Senate hearing yesterday in which pols who've never created a job in their lives treated him like the world's richest pinata.
The Wall Street Journal ("Bull's-Eye Bill" 3/4/98) My definition of a guru is someone who is lucky enough to be quoted in the right publication at the right time saying the right thing.
Herb Greenberg in "Herb on TheStreet" $$ from The Street (3/4/98)
Copyright © 1998 Investor Home. All rights reserved. Disclaimer