The Money Is in Selling, Not in Managing

There's a lot more money in selling than in managing, if you look at the essence of investment management. You have to recognize that it's in a great many people's interest to convince you that they can do somethingthat they may well even believe they can. And Jim Simons and his group have done it by brain power. But it's very unusual. They're going to charge you a lot of money, and they're going to actually maybe close up their fund if they do it because they can't do it with really huge amounts of money.