When I was in France, ... people selling the cheese and buying the cheese were ordinary people, not sophisticates.

if you're dumb enough to buy it i'm smart enough to sell it to you.

It's all a charade. Norris is a superb salesman, but I'm not buying what he's selling.

It's not that I'm dragging my feet on this. I'm in transition of buying a house, selling a house, getting established in a new city, opening bank accounts.

You are, in effect, selling the first fund and buying the second fund. And when you sell that fund, you have a taxable transaction.

In France, I learned about wine and cheese.