Et tu, Buffett?

October 11, 2016

 

Last week I gave a lecture to Columbia's Student Investment Management Association at Columbia Business School. The topic: Why is Warren Buffett, the world’s greatest active investor, suggesting that investors forego active funds in favor of passive index funds? Is stock picking a fool’s game? This question is top of mind for these aspiring young investors. Their hero's advice has many questioning their career aspirations in active management.

 

Here's a video of my talk in which I explain how they should and should not interpret Buffett’s remarks. 

 

 

In my speech, I also explain how enterprising investors and entrepreneurs can capitalize on the zeitgeist of these times. The investment advisory business is in the early innings of a badly needed structural overhaul. Sadly, most of the established players will be reluctant followers rather than leaders in this overhaul. Their incredibly profitable legacy business models are a barrier to change. Therein lies the opportunity for entrepreneurs to build a new type of firm. My advice to students is to work for - or build - the kind of firm that Buffett would admire, for that's our future.

 

[If you’d like a written transcript, you can request one HERE.]

 

Amen of the Week:

 

“The lesson that is continually reinforced in me is that to take advantage of unexpected opportunities, we must leave ourselves available… Many successful people I know set magnificent goals for themselves… I don’t engage in that kind of long-range planning. Instead, I leave myself and my company available to take advantage of opportunities as they arise.” 

 

         - Truett Cathy, founder of Chick-fil-A
           Doing Business the Chick-fil-A Way

 

Yours in the Field,

 




Frank Byrd, CFA

 

 

Disclaimer:

While the information presented herein is believed to be accurate, Fielder Capital Group LLC (Fielder) makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in the document. Fielder is under no obligation to notify you of any errors discovered later or of any subsequent changes in opinions. Nothing herein should be construed as a recommendation to buy or sell any of these securities.  It should not be assumed that any of the securities, transactions, or holdings discussed will prove to be profitable in the future or that investment recommendations or decisions Fielder makes in the future will be profitable or will equal the investment performance of the securities discussed herein. Fielder or its employees may have an economic interest in securities mentioned herein. This information is intended only for the recipient of this email.  Under no circumstances should this report be shared with or forwarded to anyone else without the express permission of Fielder. 

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