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Someone made an off the cuff statement that lost their company $2,000,000,000
Posted on 10/23/19 at 6:38 am
Posted on 10/23/19 at 6:38 am
LINK
quote:
On Monday, Fidelity announced it also would remove its money from Fisher. The firm had managed $500 million for Fidelity's Strategic Advisers Small-Mid Cap Fund. "The recent statements made by Ken Fisher, the founder and chairman of Fisher Investments, are not only offensive and inappropriate, they are incompatible with the values of the retirement system and bring into question Mr. Fisher's judgment," the New Hampshire Retirement System said in a written statement.
quote:
In all, six institutional clients have left Fisher in the last two weeks, bringing total asset losses to just more than $2 billion.
This post was edited on 10/23/19 at 6:41 am
11
Posted on 10/23/19 at 6:39 am to athenslife101
Posted on 10/23/19 at 6:41 am to Big Chipper
It’s hard to post stuff on mobile phone.
Posted on 10/23/19 at 6:43 am to athenslife101
The comments didnt seem that bad
Posted on 10/23/19 at 6:44 am to athenslife101
The company I work for almost lost International Paper as a customer a couple of years ago bc one of our VP’s had go green in his signature.
This post was edited on 10/23/19 at 6:45 am
Posted on 10/23/19 at 6:48 am to roguetiger15
Were they intentionally antagonizing IP or were they just a virtue signaling idiot?
Posted on 10/23/19 at 6:49 am to athenslife101
For those who don’t want to click, the man said that mutual funds sending out maulers bragging about performance is like going up to a girl in a bar and asking “do you want to have sex?” Which he said doesn’t win clients.
Doesn’t sound like he’s condoning anything, maybe a poor choice of words that may seem crass to some, but overall this seems like an overreaction.
Edit: Mailers* not maulers
Doesn’t sound like he’s condoning anything, maybe a poor choice of words that may seem crass to some, but overall this seems like an overreaction.
Edit: Mailers* not maulers
This post was edited on 10/23/19 at 8:48 am
Posted on 10/23/19 at 6:50 am to roguetiger15
A lot of these companies are super super super super conservative with conservative older/retired investors. They don’t like trying new things and they don’t like surprises
Posted on 10/23/19 at 6:50 am to athenslife101
I read the comments
Those groups that pulled out of Fisher (PHRASING) are either total flakes or used this as a flimsy excuse to break a contract based upon deeper performance concerns they had with the firm
Those groups that pulled out of Fisher (PHRASING) are either total flakes or used this as a flimsy excuse to break a contract based upon deeper performance concerns they had with the firm
This post was edited on 10/23/19 at 6:56 am
Posted on 10/23/19 at 6:51 am to teke184
One of higher ups at IP just took really big offense to our VP’s email signature. Took all of us on our side by surprise- we thought the VP was joking at first in his initial email calling us out.
This post was edited on 10/23/19 at 6:54 am
Posted on 10/23/19 at 6:57 am to roguetiger15
In all fairness, paper companies get a ton of shite from environmentalists all the time, so there is a reason they would be overly sensitive about any such statement.
Same reason the mill workers around here have bumper stickers reading “Don’t like logging? Try wiping your arse with plastic.”
Same reason the mill workers around here have bumper stickers reading “Don’t like logging? Try wiping your arse with plastic.”
Posted on 10/23/19 at 7:00 am to JumpingTheShark
I thought there was a little more to it than that. I read he also made some comment about sticking your hand down a girl’s pants. I read the article on yahoo finance a few weeks ago.
Posted on 10/23/19 at 7:03 am to Rouge
Posted on 10/23/19 at 7:24 am to Janky
quote:
I thought there was a little more to it than that. I read he also made some comment about sticking your hand down a girl’s pants. I read the article on yahoo finance a few weeks ago.
quote:
In the audio obtained by CNBC, Fisher said at the Tiburon conference, "Money, sex, those are the two most private things for most people," so when trying to win new clients you need to be careful.
He said, "It's like going up to a girl in a bar ... [inaudible] ... going up to a woman in a bar and saying, hey, I want to talk about what's in your pants."
Guy was just making a crude analogy about hardball sales tactics. We’ve gone so far off the fricking rails in society if that’s enough to immediately lose $2 billion over.
This post was edited on 10/23/19 at 7:30 am
Posted on 10/23/19 at 7:38 am to Y.A. Tittle
gotcha. This was in CA I believe so that has to play a part in being offended.
Posted on 10/23/19 at 7:42 am to athenslife101
Posted on 10/23/19 at 7:54 am to Janky
He was using a crude and tasteless analogy to illustrate something he saw as crude and tasteless. In other words, talking about things like a NORMAL frickING HUMAN BEING.
This off the rails societal “sensitivity” and its seeming desire to turn everyone’s every utterance into this hyper-calculated overly-careful machination is creating this drab awful place where basically everyone is saying NOTHING.
Weeeeeee
This off the rails societal “sensitivity” and its seeming desire to turn everyone’s every utterance into this hyper-calculated overly-careful machination is creating this drab awful place where basically everyone is saying NOTHING.
Weeeeeee
This post was edited on 10/23/19 at 7:56 am
Posted on 10/23/19 at 7:59 am to Y.A. Tittle
Also, fisher didn’t lose $2B in revenue. They lost $2B in AUM which they probably charged lass than a half of a percent to manage (probably more like10bps). Still a good chunk though.
This post was edited on 10/23/19 at 8:03 am
Posted on 10/23/19 at 8:00 am to athenslife101
Apparently the gist of what he did was compare sales to sex, which is totally correct
Posted on 10/23/19 at 8:02 am to JumpingTheShark
quote:
For those who don’t want to click, the man said that mutual funds sending out maulers bragging about performance is like going up to a girl in a bar and asking “do you want to have sex?” Which he said doesn’t win clients.
Doesn’t sound like he’s condoning anything, maybe a poor choice of words that may seem crass to some, but overall this seems like an overreaction.
Couldn’t have happened to a nicer guy, who rails against annuities while investing in annuity companies
And selling annuities
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