Mutual Funds

“T. Rowe, they all can, per SEC rules, allocate up to 15% of their funds into privates.”

“Jack had the insight that running a successful mutual fund is actually not a differentiated product. It is a commodity. What you are seeking is the highest possible long-term return on your capital. That is not like buying a unique piece of jewelry. It is like…”

“The majority of our investors are long-term holders, whether they're in ETFs or mutual funds. Holding periods at Vanguard are five to 10 years.”

“I literally only have three investments I worry about. That's it. My business, mutual funds, and equity and private businesses. I don't do single stocks. I don't mess around with gold. I don't try to speculate on Bitcoin”

“It's the same in investing. Like, there should not be a world in which every ambitious stock picker can beat the market. Of course, whenever you hear the statistics about 95% of mutual funds underperform their benchmark, I'm like, yeah, what would you expect?”

“In the coming years, we've been vocal Figuring out how we're going to be accessing the four one K market, the traditional asset manager. So the mutual fund market, the ETF market, those are some of the places we're going now.”

“Traditional asset managers, i.e. Mutual funds, ETFs, they're gonna start injecting some amount of private assets blended into their products.”

“If you're going to do that, then you need to have some liquidity function, and that always is going to come at a cost. It could be an explicit cost, it could be an implicit cost, but at the end of the day, you can't magically say something that's illiquid is l…”

“And the fact that stock market is popped up is because lots of new money is coming in. And because that system provides clarity and good regulation of the mutual fund ecosystem in a way, very few countries do it today.”

“The industry is kind of adding nearly about a crore new investors every year into mutual funds.”

“I mean, we have companies in India for mutual funds collecting those what they call SIP in India, systematic monthly payments for funds. All of that's now happening inside email.”

“And one of the interesting trends obviously at the moment is mutual funds are rapidly being displaced as the preferred vehicle by other vehicles, depending on the channel, whether it's retirement as collective investment trusts or what everybody talks about wi…”

“And if you look at an active ETF versus a mutual fund, There's really three distinct advantages. Number one is tax. So an ETF is more efficient from a tax management perspective vis-a-vis a mutual fund. Number two are fees. All else being equal, the same strat…”

“The end of the fiscal year for mutual funds was October 31st, and so there was a lot of selling going into October 31 just to capitalize tax losses and Tax lost harvest, but that leaves them with a lot of cash. And so starting November first, which is day one …”

“That, that model of taking illiquid securities and putting them in daily liquidity vehicles maybe was not the best model for the longer term because it's just uncertain.”

“As you start to get very late stage and raising money from, you know, New York investors and mutual funds, they're going to be a bit closer to judging you like public investments. And so the accuracy and the forecast and those things are becoming more importan…”

“Mutual funds who don't short stocks, right? The multi-trillion dollar mutual fund complex whose only job is to buy has been a net seller. Hasn't even started buying a single thing yet.”

“And of course the whole world came crashing down my investment, which was in the technology fund fell 80%.”

“So if you can do the math, then it's probably closer to four trillion on the indexing side, which would be ETFs and traditional mutual funds.”

“There's only one paper that I've ever seen that attempted to tackle whether it was cognitive diversity or social category diversity that added value, and what that paper found, and it was a couple thousand mutual funds, and it's hard to tag these things really…”

“Investors, particularly mutual funds, hedge funds, who are getting into late-stage companies, they're not in them for 10 years. I mean, they want to have, you know, liquidity”

“The thing about mutual funds is the delay In pricing, so what has really taken the place of that are ETFs.”

“When people do invest, they don't think clearly. They don't understand fees. They're lazy. They spend more time picking out their refrigerator than their mutual funds.”

“Now, when you see investors, hedge funds, mutual funds, paying premium prices, To buy illiquidity, to buy securities with no liquidity and with no governance rights. In the private market. The only thing you know is when it ends, it will end painfully.”

“If you're selling somebody, you know, a shitty stock or mutual fund, whatever, they're giving you know, 10 grand. And sure, that sucks to lose that, but when you're selling life insurance policies to somebody, and you're asking for giant commissions premiums, …”

“So it was average to see a 150 basis points, but quite often you'd see hot managers that would be above two percent.”

“If a fund company knew you were coming in and putting twenty million dollars, and then you were selling it six months later, they would actually work with the custodian. The custodian would say, they don't want that type of money, so you no longer can buy that…”

“Mutual funds, for example, are completely opaque. The only information you have about their investments are what they publish at quarter end, and that does not reflect what they're actually invested in.”

“Mutual funds coming in and paying outrageous prices and putting four hundred million into companies. These are all signs that were late on the stage.”