Your ability to know what is going on is quite limited, and most investors won’t like that. It just makes things frustrating. … How much does an investor really want to put up with, when...

Morningstar should stick to their knitting, which is measuring investment returns, … They do not have the expertise to judge companies’ corporate governance.

Bob’s big challenge is developing the perception within his own system that buying proprietary funds won’t hurt you.

One of Mack’s biggest challenges is to grow in asset management. The business provides a stable source of revenue to offset all the volatility in other parts of the company.

It didn’t seem to work.

Investors need to move on, … If they still believe there is some big payday coming, they’re fooling themselves.

Everybody is reaching for greater returns.

It could have gone further. They’ve made a step forward, but it’s not a giant step. The question is whether they’re able to alter conduct. Time will tell.