Fund companies would like you to believe that the fund is an institution and carries on regardless, but I don't think that's consistent with the real world. Funds are people. It ultimately comes down to the quality of the talent.
More Quotes from Roy Weitz:
There is big tension when a fund company decides to close a fund, because growing assets is how they make their money. Meanwhile, investors will push for an early close because by the time a fund closes it's usually already too late.Roy Weitz
Anyone who stuck with him deserves some sort of an award for that near-death experience.
Roy Weitz
If it wasn't an impulse purchase and it wasn't the result of high-pressure sales tactics, I feel you should allow at least 12 months of poor performance before the fund even hits your radar screen.
Roy Weitz
I think Lasser has to go, ... For being known as a detail-oriented control freak, it is inconceivable that he didn't know about this. What is even more shocking is that he didn't do anything about it.
Roy Weitz
Literally, this has no effect on the mutual-fund business.
Roy Weitz
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