Subject: Re: OT: A heretic question
TMF went full Animal Farm and became what they used to excoriate.

Yeah, but they make payroll now. Incentives are powerful.

Imagine what happened to me when, as a portfolio manager, I put a large chunk of somebody's money into Berkshire shares? Pretty obviously (and entirely rationally) they withdrew the money, explicitly noting "I can do that myself".

I suppose it would have been rational to advocate a fancier investment strategy, but instead I gave back my asset management license.

Jim