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We Study Billionaires - The Investor’s Podcast Network cover image

TIP603: Richer, Wiser, Happier, Q1 2024 w/ Stig Brodersen & William Green

We Study Billionaires - The Investor’s Podcast Network

NOTE

Ethical Behavior in Fund Management

A fund manager closed a fund at $100 million in assets and returned $3.5 billion to investors because the fund only held a few important positions. This ethical behavior impressed Charlie Munger, who appreciated the simplicity and honesty in the fund's approach, contrasting it with an industry known for overcharging for complex and self-serving products. The fund's focus on ethical treatment of clients and each other left a lasting impression on Munger, who viewed it as a different and commendable way of doing business.

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