Good managers have a bias for action.

Vision is dandy, but sustainable company excellence comes from a huge stable of able managers.

In the context of an IRA or 401(k), there should be managers who do better than tax-efficient funds. When it comes to taxable accounts, I think it's relatively rare to find a manager with a high turnover approach that does better than one with a tax-managed approach.

In the context of an IRA or 401(k), there should be managers who do better than tax-efficient funds, ... When it comes to taxable accounts, I think it's relatively rare to find a manager with a high turnover approach that does better than one with a tax-managed approach.

I endorse a lot of people - sometimes people say I endorse too many books. And my response has always been the same: If I can get one case study that can give me one good idea that I can implement for $25, or for these days one-third of that on Kindle, I've gotten a very good deal.

My style is to keep folks in place who are good managers and want to win.