Mutual Funds: How a Profession with Elements of a Business Became a Business with Elements of a Profession
Speech given before the Boston Security Analysts Society on February 24, 2006 Click here to read it
Brother, Can You Spare $350 Billion? – The Motley Fool
This article does a great job of putting the costs of “financial intermediaries” into perspective. The Motley Fool – March 16, 2006
Don’t Look for Me at Davos
The Wall Street Journal – January 27, 2006 This year I’ve decided not to call the pilot, pop on to Vanguard’s G-4 and jet to Davos. Partly because we don’t…
The Amazing Disappearance of the Individual Stockholder
The Wall Street Journal – October 3, 2005 The amazing disappearance of the individual stockholder as the backbone of the U.S. stock market has been one of the least recognized…
The Spitzer Effect
The Wall Street Journal – November 18, 2004 “Most of the mistakes and major faults of the financial era that has just drawn to a close will be ascribed to…
Fair Shake or Shakedown?
The Wall Street Journal – July 8, 2004 Recently described on these pages as “a strange law enacted in 1940,” the Investment Company Act is the foundation of the modern…
Not-So-Mutual Funds
The Wall Street Journal – November 14, 2003 The rapidly cascading mutual fund scandals have brought unwelcome attention to 11 major firms that manage about $1 trillion. For an industry…
Specialist Man
The Wall Street Journal – September 19, 2003 Well-deserved attention has been focused on the $140 million compensation package received by Richard Grasso, the recently departed chairman of the New…
The Emperor’s New Mutual Funds
The Wall Street Journal – July 8, 2003 Congress is now considering legislation that would strengthen the independence of mutual-fund boards of directors from fund managers and require cost disclosures…
Mutual Fund Secrecy
The New York Times – December 14, 2002 When I founded what is now the country’s second-largest mutual fund organization 27 years ago, I did my best to create a…