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The Isolated Blurt Thread XXIX: No Whining

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Fermina_Daza said:
Dear client - you were involved in a minor car accident not a murder investigation. Please quit acting like we operate as CSI or all the other barrage of crime shows you watch.

I can't people today.
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A minor accident needs a lawyer? Jeez, why are people poor?
 


Mutual Funds: How a Profession with Elements of a Business Became a Business with Elements of a Profession

Remarks by John C. Bogle
Founder and Former Chairman, The Vanguard Group
At Boston Security Analysts Society
Boston, Massachusetts
February 24, 2006


https://www.vanguard.com/bogle_site/sp20060224.htm






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Managers Triumph Over Owners

The overarching theme... is the pathological mutation from owners' capitalism where the rewards of investing were largely directed to those who put up the capital and assumed the risks—to a new managers' capitalism, in which the hired managers of corporate America, investment America, and mutual fund America have arrogated to themselves an excessive share of the rewards of investing...

Here's how I describe it in my new book: "Observing this change in 1967, economist and Nobel Laureate Paul Samuelson sized it up pungently: 'There was only one place to make money in the mutual fund business—as there is only one place for a temperate man in a saloon—behind the bar and not in front of it . . . so I invested in a management company.' When he realized that public ownership of management companies would not only be a boon for the managers who worked behind the bar, as it were, but be a bane for the fund owners who enjoyed their libations in the front of the bar, he was wiser then he could have imagined."

Despite being an industry insider as leader of Wellington Management Company (which, you may be surprised to know, had itself gone public in 1960), I shared, with considerable concern, the insight that Dr. Samuelson expressed in his bartender analogy. In a 1971 speech to our management group, I sounded the alarm: "All things considered, it is undesirable for professional enterprises to have public stockholders. This constraint is as applicable to money managers as it is to doctors, or lawyers, or accountants, or architects. In their cases, as in ours (i.e., Wellington's), it is hard to see what unique contribution public investors bring to the enterprise. They do not (contribute) capital; they do not add expertise; they do not enhance the well-being of our clients . . . Indeed, it is possible to envision circumstances in which the pressure for earnings and earnings growth engendered by public ownership is antithetical to the responsible operation of a professional organization and . . . to the exercise of our fiduciary duty."

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Ichiro's favorite American expression: "August in Kansas City is hotter than two rats fucking in a wool sock."
 
Gianbattista said:
Sautéed zucchini ribbons with pesto is one of my very favourite meals. I also like grilled zucchini chips, salted. Pretty saintly in calorific terms. One of my favourite piazze is no red sauce, just courgette strips covering the top.
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I need to make pesto soon.
Lady Lorilei said:
Yummy!


I went fancy. https://www.amazon.com/Paderno-Worl...1470749299&sr=1-1&keywords=paderno+spiralizer
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Those are much better looking than the ones I get from my mandolin.
 
Disgustipated said:
Gimme results, please! Momma is looking for one but I'm hesitant to buy cuz I know nothing about them.
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I love it! It took me a while to get the hang of assembling/disassembling, but you can't beat the results. Also, you can make a whole bunch, put them in an airtight container with a couple of paper towels, and they'll keep in the refrigerator for about 3 days, so you don't have to pull it out every day.
 
I've got a case of the blahs today.

And I stubbed three toes when I ran outside a few minutes ago.
 
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