All but a few of the organizations do not specifically promise to deliver superior investment performance although it is perhaps not unreasonable for the public to draw such an inference from their advertised emphasis on professional management.

The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.

In earlier years, a lesser effort produced literally dozens of comparable opportunities. It is difficult to be objective about the causes for such diminution of one's own productivity. Three factors that seem apparent are: (1) a somewhat changed market environment; (2) our increased size; and (3) substantially more competition.

Of our 49 billion, we haven't moved any to Bitcoin

What the wise do in the beginning, fools do in the end.

The wise man once said invest young

I don't like what's going on with the executive compensation.