Fun Speech

Here is a transcript with charts from a speech Romick gave tp CFA Society of Chicago in June.  Lots of fun quotes and charts, including an interesting arbitrage trade near the end.

Quotes then download:

“Back then, plenty of other managers were performing well. I told clients that I was protecting their capital against the insanity of the tech/Internet bubble. I wasn’t terribly convincing. More than 85% of the fund was redeemed. It was brutal. I have two theories why I had any capital left to manage: 1) People felt so bad for me that they wouldn’t redeem – kind, but oddly masochistic; or, 2) Shareholders forgot they had invested in the fund.”

“As the British journalist and businessman Walter Bagehot once wrote, “at particular times, a great deal of stupid people have a great deal of stupid money.”


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