While fund performance is unpredictable, the impact of fees is not, ... A 1-percent annual fee will reduce an ending account balance by 17 percent after 20 years.
More Quotes from Arthur Levitt:
It is time for the U.S. securities market to make this change,Arthur Levitt
If you compensate a CEO by giving him options, he's going to do everything he can to make those options as valuable as possible.
Arthur Levitt
We are not looking for a bit of window dressing on the same old recycled gobbledygook, ... We expect you to do whatever it takes to speak to investors in a language they understand -- English.
Arthur Levitt
The tension between centrality, on the one hand, and competition, on the other, is probably the oldest of all market structure issues.
Arthur Levitt
Promoting the interaction of orders remains one of the most difficult, but crucially important, challenges we face concerning our national market system.
Arthur Levitt
These issues are not academic or peripheral -- they directly affect every mutual fund investor. ... One word above all must define a fund's overall management structure. That word is accountability. And, without strong independent directors, accountability is nothing more than words on a page.
Arthur Levitt
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My father was both the person who gave me reason to learn how to fight and the one who taught me the basics of fighting. He would tell me that if it was a big fight, it would probably be uneven, it wouldn't be fair.
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You know that I write slowly. This is chiefly because I am never satisfied until I have said as much as possible in a few words, and writing briefly takes far more time than writing at length.
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