Some funds shift their assets heavily, but it's really hard to blunt the blow of volatility. Negative returns in the double digits are not uncommon.

We're also encouraged that Lyon and his team invest heavily in the shop's funds.

It's a sad fact, but mutual-fund investors really get a raw deal when it comes to taxes.

It's to promote the beauty and power of math. It is beautiful and powerful and how it shouldn't be a scary thing.

I don't think the conflicts completely disappear but the transaction certainly helps alleviate some of that.

I'm very glad to see it close. We've been cautioning investors not to expect as much from it because its asset base has significantly limited its flexibility. At a certain level, it's going to lose its ability to distinguish itself from an index fund.