I’m reminded of a gentleman who discovers a genie in a bottle. Granted one wish only – apparently even genies have pricing power – the man asks for peace in the Middle East. The genie backs away and says, “That’s way too difficult. Give me something easier.” The man ponders his options and asks the genie instead, to help him pick a good mutual fund. The genie quickly responds, “Let me get to work on the Middle East.” – Steven Romick’s Speech To CFA Society Of Chicago
This was part of Steven Romick‘s Speech to the CFA Society of Chicago. I don’t know if the original story is from him but he used it, so I’m crediting him with it. Steven is a managing partner at FPA Funds, which has manage about $33 billion in AUM.