According to a Morningstar study, less than half of mutual fund managers are invested in their own funds. In total, few own more than a token stake. Yet they are still collecting fees. Even when they lose clients’ money!
We believe in having managers put a substantial portion of their net worth right beside clients’ money – not enough of them do so.
It’s time for a change. Our money is invested right beside your money. Virtually all of our money. That’s not something many other managers can say.
“None of investing is meant to be easy, and anybody who thinks it’s easy is stupid.”
– Charlie Munger