The Dark Side of the Mutual Fund Industry

The purpose of the stock market is to facilitate the theme of transfer of risk between 2.0 and no more, no less than 2%. The bigger issue is who pays attention when there's a bull market for six, seven, eight years? That's right. Nobody can do what I do. You're the investor of me or you put it in an index. At least Buffett and Munger, though, will tell people we expect to have 50% drawdowns. Yeah. They tell people that, hey, this is... It might look good for a stretch, but we're going to take hits. And yet, what we're seeing in kind of the hedge fund space where you

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