Bill Ackman

I think there are very few mutual funds. Uh, there are thousands and thousands of mutual funds. They're very few that earn their keep in terms of the fees they charge. Uh, they tend to be too diversified. Um, and, uh, too short term, and you're often much better off just buying an index fund.

And many of them perform, if you look carefully at their portfolios, they're not so different from the underlying index itself, and you tend to pay a much higher fee. Now, all of that being said, there's some very talented mutual fund managers, a guy named Will Danoff at Fidelity. He's had a great record over a long period of time.

And many of them perform, if you look carefully at their portfolios, they're not so different from the underlying index itself, and you tend to pay a much higher fee. Now, all of that being said, there's some very talented mutual fund managers, a guy named Will Danoff at Fidelity. He's had a great record over a long period of time.

And many of them perform, if you look carefully at their portfolios, they're not so different from the underlying index itself, and you tend to pay a much higher fee. Now, all of that being said, there's some very talented mutual fund managers, a guy named Will Danoff at Fidelity. He's had a great record over a long period of time.

The famous Peter Lynch, Ron Barron, another great long-term growth stock investor. So there's some great mutual funds, but I put them in the handful versus the thousands. And if you're in the thousands, I'd rather someone bought just an index fund basically.

The famous Peter Lynch, Ron Barron, another great long-term growth stock investor. So there's some great mutual funds, but I put them in the handful versus the thousands. And if you're in the thousands, I'd rather someone bought just an index fund basically.

The famous Peter Lynch, Ron Barron, another great long-term growth stock investor. So there's some great mutual funds, but I put them in the handful versus the thousands. And if you're in the thousands, I'd rather someone bought just an index fund basically.

I even recommend for individual investors to invest in a dozen companies. You don't get that much more benefit of diversification going from a dozen to 25 or even 50. Most of the benefits of diversification come in the first, call it 10 or 12. And if you're investing in businesses that don't have a lot of debt, They're businesses that you can understand yourself.

I even recommend for individual investors to invest in a dozen companies. You don't get that much more benefit of diversification going from a dozen to 25 or even 50. Most of the benefits of diversification come in the first, call it 10 or 12. And if you're investing in businesses that don't have a lot of debt, They're businesses that you can understand yourself.

I even recommend for individual investors to invest in a dozen companies. You don't get that much more benefit of diversification going from a dozen to 25 or even 50. Most of the benefits of diversification come in the first, call it 10 or 12. And if you're investing in businesses that don't have a lot of debt, They're businesses that you can understand yourself.

Actually, individual investors did a much better job analyzing Tesla than the so-called professional investors or analysts, the vast majority of them. So if it's a business you understand, if you bought a Tesla, you understand the product and its appeal to consumers, it's a good place to start when you're analyzing a company. So I would invest in things you can understand. That's kind of a key.

Actually, individual investors did a much better job analyzing Tesla than the so-called professional investors or analysts, the vast majority of them. So if it's a business you understand, if you bought a Tesla, you understand the product and its appeal to consumers, it's a good place to start when you're analyzing a company. So I would invest in things you can understand. That's kind of a key.

Actually, individual investors did a much better job analyzing Tesla than the so-called professional investors or analysts, the vast majority of them. So if it's a business you understand, if you bought a Tesla, you understand the product and its appeal to consumers, it's a good place to start when you're analyzing a company. So I would invest in things you can understand. That's kind of a key.

You like Chipotle. You understand why they're successful. You can go there every week and you can monitor, is anything changing? How's chicken al pastor? Is that a good upgrade from the basic chicken? You know, the drink offerings improving, the store is clean. I think you should invest in companies you really understand.

You like Chipotle. You understand why they're successful. You can go there every week and you can monitor, is anything changing? How's chicken al pastor? Is that a good upgrade from the basic chicken? You know, the drink offerings improving, the store is clean. I think you should invest in companies you really understand.

You like Chipotle. You understand why they're successful. You can go there every week and you can monitor, is anything changing? How's chicken al pastor? Is that a good upgrade from the basic chicken? You know, the drink offerings improving, the store is clean. I think you should invest in companies you really understand.

Simple businesses where you can predict with a high degree of confidence what it's going to look like over time. And if you do that in a not particularly concentrated fashion and you don't borrow money against your securities, you'll probably do much better than your typical mutual fund.

Simple businesses where you can predict with a high degree of confidence what it's going to look like over time. And if you do that in a not particularly concentrated fashion and you don't borrow money against your securities, you'll probably do much better than your typical mutual fund.

Simple businesses where you can predict with a high degree of confidence what it's going to look like over time. And if you do that in a not particularly concentrated fashion and you don't borrow money against your securities, you'll probably do much better than your typical mutual fund.

By the way, there's much more information available today. When I was first investing, literally we had people faxing us documents from the SEC filings in Washington, D.C. Now everything's available online. Conference call transcripts are free. You have AI. You have unlimited access. data and all kinds of message boards and Reddit forums and things where people are sharing advice.