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Quotes of the Week

November 23, 1998

The idea that institutions are all buy-and-hold players is sort of a joke . . . Blaming market volatility on retail investors is like throwing a party and getting mad when guests actually show up. The individual investors have been praised by some of these same people for keeping the market going, and then when some of them exercise their judgment on particular investments, they're criticized.
Glen Mathison (Schwab) in Individual Investors Show Greater Market Presence $$ from The Wall Street Journal (11/16/98)

The first tenet of being a fiduciary is diversification. I would be concerned if a plan did not include an international option.
Barton Biggs in The international imperative from Plan Sponsor (11/98)

Most of academic finance is teaching that you can't earn 40% a year without some risk of losing a lot of money . . . In some sense, what happened is nicely consistent with what we teach."
William Sharpe in How Salesmanship and Brainpower Failed to Save Long-Term Capital $$ from The Wall Street Journal (11/16/98)

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