“I think fund companies figured out after Peter Lynch and Michael Price retired that there's a downside to creating star managers, ... It needs to be about the firm, not about managers.”
“The people who own Internet stocks are taking on a very high level of risk. Myself and most of the other managers at the conference are concerned about people who own and trade those stocks not understanding the risks they're taking.”
“As a money manager, I like to see volatility in the stocks I don't own. To the extent that day traders drive up some stocks and drive down others, it creates opportunities for me.”
“To speak of day traders in any investment context is silly. These people are fulfilling a need for entertainment and are using the stock market for that.”
“With a stock trading at seven-and-a-half times earnings on almost any range of reasonable outcomes, I think that company is dramatically undervalued.”
