Posted on 10/22/2019 7:25:38 PM PDT by SeekAndFind
Ken Fisher’s sexually-charged speech at a San Francisco conference earlier this month has cost the money manager another big investor.
On Monday, Fidelity ended its relationship with Fisher Investments, saying it has decided to reallocate assets within its Strategic Advisers Small-Mid Cap Fund that were previously run by Fisher.
Fisher Investments did not immediately respond to FOX Business' request for comment.
Fidelity became at least the third big investor to pull its money from Fisher, who manages $112 billion. Last week, the Michigan Treasury Department withdrew $600 million of the state’s pension fund from Fisher Investments due to the money manager’s “completely unacceptable comments.” Four days later, the Iowa Public Employees Retirement System withdrew $386 million.
Fisher, while speaking last week at a Tiburon Strategic Advisers event, compared wooing money-management clients with "trying to get into a girl's pants." Tiburon also cut ties with Fisher for life.
After first expressing dismay over the criticism he received for making the comments, Fisher apologized for the sexual innuendos.
(Excerpt) Read more at foxbusiness.com ...
If you actually read what he said he was simply making a point about the importance and privacy that people put on their money and comparing it to the way they view their sexuality. His observation was that most money managers go up to clients talking about “performance” and luring them into their funds with the same indiscretion and boorish approach as jerks in a bar that just go up to women and ask for them sex.
It was a (clumsy) condemnation of the bad practices of old school money managers who didn’t respect their client’s personal wealth attitudes the way Fisher does. Unfortunately, in the age of #MeToo the response to any wealthy white guy using the word “sex” in a sentence is to shoot first and ask questions later. Ken will not be the last.
At Fidelity I have the flexibility of choosing from a THOUSAND different investment vehicles. And I do just fine making my own investment selections. And then Fidelity provides ONE comprehensive tax statement, which simplifies my tax work. Fidelity computes my IRA RMD for all my holdings instead of multiple sources withholding RMD’s.
People shouldn’t be so silly with their money.
It’s just their customers’ money, so no problem. /s
Why not use a less crude metaphor, like “courtship”, which would have made the same point?
Did you tie your dog to the top of the car?
If so, you could be be the next Willard!
Decades ago, I read his father’s book, “Common Stocks and Uncommon Profits,” which led me to invest in Texas Instruments stock... which has done very well. Thanks, Fishers. Don’t let the SOBs grind you down.
Because it was exactly the boorish, fumbling, jerkish behavior of the money managers which he was trying to highlight. Calling it "courtship" would have had the opposite effect - made it sound like the money managers were honorable fellows, showing up on the porch with a box of chocolates under their arms, straw boater in hand, asking to speak to the "young lady's father" and ask him for permission...
Regards,
True.
He should have said “like getting to third base”. #;^)
No, they DO get out. What’s going on here is actually the OPPOSITE of snowflakes or being offended. Its more like being found out about. If you want to court a lot of these idiots in business, you have to wine and dine them in topless clubs and other sexually oriented businesses.
They didn’t blush at the comment; they were like, “oh, shit, I hope no one thinks that of us.” They cut him off and the media runs with it like they’re doing a noble thing. Meanwhile, they’ll quietly pick him back up (in some other form) if his advice is good. He’ll just reorganize and/or rebrand.
“” they were like, “oh, shit, I hope no one thinks that of us.”
So true.
Why do people say dumbsh-t?Should have known the climate we are in these days.
Absolutely horrified the San Francisco audience.
When I left my previous employer after 35 years I got some hard sell calls from Fisher Investments. They wanted to charge me 1.25% per year to manage my portfolio, instead of a “cookie cutter” approach with a mutual fund.
Basically, they wanted north of $10,000 per year to talk to me on the phone from time to time. My cookie cutter works fine and the management fees are in the double digits. Their TV ads are stoopid.
Double digits as in $50 bucks not 10%
That said so much about him. Even people with no money would do that.
Amen to that...
Yours is such an accurate point ...
I’m getting a lot of them now. Did some research, no thanks!
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