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Scott Pelley: What did the educators at Walnut Middle School tell you? No pension fund wants to invest in privatecompanies that abuse immigrant children. I used to invest in top global hedge funds back in the day and I trusted nobody. How can this happen? Where did oversight fail?
When you're investing in managed mutualfunds, you're handed a tax bill near the end of every year that you didn't have much control over, and the average managed mutualfund turns over 70% to 100% in a given year. You can decide whether you want to cash in and increase your tax bill this year or not. We're out.
But I covered derivatives at first, and then I cover mutualfunds. I worked for a (inaudible) called Fund Action and did that for a little while, and then went — I met a guy named Duff Ferguson at AllianceBernstein. They’d be the biggest active mutualfund to shop times over. RITHOLTZ: It’s …. He was the P.R.
RITHOLTZ: So were you — in the early days, it was mutualfunds it was SMAs, what were you guys doing? That new name of the company became Franklin Templeton. So it was Franklin, along with mutualfund pioneer Sir John Templeton. If you’re a privatecompany, you don’t have any of those pressures.
00:13:04 [Speaker Changed] So the most of what APAR focuses on our private, our public markets, stocks, bonds, mutualfunds, ETFs. But you also said, Hey, this private market thingy is gonna get big one day. And so today, if you’re not accessing private markets, you’re gonna get left way behind your returns.
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