As part of his personal initiative to listen to the opinions of those this regulation will affect, Secretary Perez recently chaired a 26-person roundtable in St Petersburg comprised of the CEOs, CFOs and directors’ of human resources for some of Tampa Bay’s largest and most influential corporations and not-for-profit organizations. The topic of the roundtable was the very initiative Secretary Perez and President Obama announced on February 23 – the fiduciary standard of care for all retirement plans in the U.S. and the importance of eliminating the excessive fees and conflicts of interest currently embedded in many U.S. retirement plans.
“A very low-cost index fund is going to beat a majority of professionally-managed money. The gross performance [of actively managed money] may be reasonably decent, but fees will eat up a significant percentage of the returns.”
Warren Buffet, Berkshire Hathaway
2007 Shareholders Meeting
“All the time and effort that people devote to picking the right fund, the hot hand, the great manager, have in most cases led to no advantage.”
Peter Lynch, former Fidelity Magellan Fund Manager
Beating the Street, 1993
"The industry as a whole cannot outperform the market because they are the market, and long-term statistics revealing negative returns for the class of active managers confirms it. Yet, what a price investors are willing to pay!"
Bill Gross, PIMCO Co-founder
Former Manager of World's Largest Bond Fund
