YouSaid · the spoken record

John Montgomery

lines on the record: 83
first: 2017-11-03
most recent: 2017-11-03
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Definitely the behavior gap that we talked about the cycle of people chasing hot returns and panicking on the downturn. We're doing a better job with this slowly gradually. We have a partnership with two strategies with the BAM alliance. I think they do a superior job of this. And so we're learning from them. But we've got to do a better job. So I wish that I had known the dynamics of that 30 years ago. Maybe we'd be farther along with a solution and a more effective one.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“First of all, I'd say It's a great industry, great opportunities. People are shying away from it right now, which means the opportunities are bigger, extreme competition. So those would be the things that overlay somebody that's thinking about getting in. As far as overall advice, and by the way, in my family of origin, advice is the language of love. Like, if a family member is not giving you advice, like is something wrong. So I love advice. The bigger picture advice with millennial would be save aggressively, be generous with the results of that. And have big life goals, pursue them relentlessly within the framework of a balanced life.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, training is key. Okay. So excellent training. And there are great life lessons in that too. To run a marathon successfully and do it well and not. So, I like that. Two days a week would be Pilates and two days a week would be weightlifting. And I usually try and mix it up with a swim. I was going to say it's okay.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“That's my short, yeah. Now I'm just completely humiliated. I actually ran my first marathon ever. I've only run one last year. That was a life goal that I set at 28.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“So I ran four miles with our president this morning in Central Park. I'm visiting New York City today to be here with you. And that's one of my favorite places to run. So a typical week for me would be two days running, a short run and a long run. So I ran six miles last Sunday.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“I didn't want to outsource anything that I didn't understand myself and I was new to the industry. So we were on transfer agent, we were our own pricing agent. We programmed our own software and stuff that people just don't do. Learned a lot out of that, probably held on to too long low cost in favor of getting more help in. So we've changed that. That's be an example. That was from the early years of Bridgeway.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, wow. So, you know, we've had a lot of different categories. We've had compliance. Failure, or at least disappointment to the tune that we said, we want to become a top quartile player in compliance. My compliance officer says, John, you can't say that because how do you measure that and like, you know, what's the accountability on that? That's a great point. That's an example of somebody coming in with a different view on that. But we knew we had to up our game. We spent a lot of resources to make that true. The source of some of that, if I hold a mirror up, was I was really cheap in the early years of Bridgeway.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, so we're talking about 24 or 30 years, depending on when you want to start counting. Bridgeway's celebrating its 25th anniversary next year. In that time frame, certainly passive and indexing has really taken off that has very significantly reduced cost. That's good, not bad for investors. More attention to tax efficiency, which I think and will continue to grow. Technology. So in this period, the internet came in, which just transformed research and how you do it. It's been a really wonderful thing. RoboAdvis would be part of the technology part, and there's some good things about that. There are also some bad things about some of these technology things. The top of the list would be if you make it easier for somebody today trade, that's actually a bad thing. That's what's going to happen. I agree with Jack Bogel on that point. We should be worried about being able to day trade.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“We're human. Like, we are just as human. And if you think that you don't have that problem, it's going to creep in more, not less. So as a research team, like we live and breathe this stuff, like how do we hold ourselves accountable to not letting our natural biases come in? So we have something we call confessing our biases. So sometimes we'll come in with an insight, but it starts with I need to confess, you know, a bias. And it's like, I'm a contrarian. So I would come, guys, this is a contrarian situation. Of course, I'm going to love it, right? That doesn't mean it's the right thing to do.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“The honest truth about dishonesty So this is a book that gets into anybody that's in science or research should read some chapters of this book that deal with that. We all think that because we're doing numbers and statistics that were objective, this book would say not so much.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. Brene Brown's book based on 10 years of her research, which is fascinating, like as a research guy. The research itself is just fascinating. But the topic is about shame and guilt in our culture and what you can do about it. And I highly recommend the book. And the last one would be”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Holding something over other people in a way that's disempowering, we should spend a lot of time on that, and you should do that if you're a bank, in my opinion. Two other books, titles, Daring Greatly, which is about shame and guilt. Daring.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Seven years It is topic. It is. And we should think seriously about that. So maybe, maybe not literally, because I think our large banks and small banks too might have a problem with that. Bondholders would not be. Thinking about what underlies that and showing up as generous and not holding.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“I've got a friend who says tithing's a bad deal. Like, if you're all in, you're all in. That's 100%. So whether you're spending it on going out for dinner tonight or not, you still need to be all in. So I think that's an interesting way of thinking about that issue.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“So I'll give you three titles. One is the Bible, so great mapping for life in general, but especially finance. There's a lot written in the Bible about finance, the thing I mentioned about borrowing, for example. But that's typing and you're...”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“So Eugene Fama would be one in terms of a framework for risk. Prior to that, Jack Bogle around costs. I love managing costs down, and he's a great model for that. Jeremy Siegel, stocks for the long run, so investing in a diversified way in stocks as the growth engine over decades, not months and years. And then probably Daniel Kahneman on the behavioral finance side, I'd say he was one of the fathers of behavioral finance, and that opened up my eyes.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“I have learned something from every boss I've ever worked for. So the very first boss, I was a paper boy at age 11, but my first boss was at Baskin Robbins, this guy from Argentina, who was just a great entrepreneur and great with kids. And what I learned from him was getting the hard stuff on the table and dealing with it in a constructive, not oppressive way. That's a principle I've used everywhere the rest of my life, and I'm thankful for him teaching me that. More recently, I would say last night I was at dinner with Ruth Messenger, who is the, I'm a big believer in mentoring, and she's been a mentor for some time. She's 15 years older than me, so she's like a window into what I need to be paying.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Is wrong, like you don't have to live with it. Step across that line, make something happen, make something happen, move the needle. She was a great model, is still at 94, an amazing model of that”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, my father was the president of an oil exploration firm. From him I learned risk management because you don't survive in the exploration business, especially when he was doing it without a real strong controls around risk management. Also, integrity is the number one, business value. I learned that from him, and we spend that out in a lot of different ways at Bridgeway. From my mom, my mom was a soldier in the war on poverty in the 1960s. I was a young kid at the time and she kind of like I was her fourth child. They were all in school and she kind of put me under our arm and go out doing volunteer work. I remember a daycare center that I volunteered with along with her. She did a number of things across racial, gender, other boundaries lines. So I learned from her.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“So Rwanda is an easy place to go. There was a genocide there in 1994. It's been some time. What's happened in that country is inspiring and amazing. So definitely recommend that. I wouldn't go into the specific areas that we did unless you were with people that really know what they're doing. But the inspiration that comes from that, the coming back to the U.S. and knowing where you fit into the world is worth... It's just worth its weight in gold.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“We're in Congo on this last trip to just bring partners in to see the area and kinds of things and potential partners we're working with. This is the area of the highest incidence of rape as a weapon of war in the world. So that hits my radar screen. A life goal of mine is ending genocide. This is a stepping stone toward that. And it was sharing that. That was led not by me, but by Shannon Davis, our head of our foundation is an amazing, amazing, passionate, engaged, creative woman who's got our mission written all over her heart and her actions.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Everything that came about from that. But this was the longest running conflict in Africa, and we engaged with partners on the ground in Africa to try and reduce the violence there, which we got an independent assessment that said yes between 90-95%, depending on how you measure it over six-year period decreased the violence around this conflict. So a hit, like you actually can make a difference, move the needle on this stuff.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this was in June of this year, and a dream we'd had for a while of taking seven partners at Bridgeway. So this is out of 30 people. We took seven of the members of our firm to... Rwanda as a base and then eastern Congo. Eastern Congo, well, let me back up a little bit. We give half of our profits away. The core mission of Bridgeway is peacemaking, reconciliation, and ending genocide. We have a focus area, which is sub-Saharan Africa. Our last conflict we worked on was the LRA, the Lord's Resistance Army, which you may remember from the Coney 2012 video.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it I watch very little TV, and you do. That's one reason. I tape some things, so I watch it kind of on my schedule.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“For a three month period, so we have quarterly for a three month period every year and a half or so. I do that to get an accounting of how am I really spending my time and is it in line with what I want and what can I learn from that? I mean, it's like, what are the takeaways?”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I wish they were each 24 hours. I wish they were a mint.com for my time because it's a real pain to do. I do it in a spreadsheet. kind of 15 minutes. You update that?”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, tracking my time is something I do about every year and a half cycle just to see, am I spending the resource of my time, how I say, does it line up with my life goals and what I say is most important? You can do the same thing, by the way, with your checkbook. You want a litmus test of are you actually living the life that you intend to and say you are, those are two views in. So how I spend my time is something I'm a quant, so I'm documenting.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this group is one that still meets 18 years later about once a month every three, four weeks with the specific purpose of holding each other accountable to what our life dreams and goals and milestones are. So if you take on homework, people will suggest homework if you take that on, which we document, you come back the next meeting. You better have done your homework or you're going to be actually held accountable for that. And I think I know I need that in my life. Bonnie's not. I don't know that everybody needs that. I think probably they do, but I know that I need it in my life to stay on track. Or I just am going to get off track or procrastinate or all the kinds of things that come up.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“That is. That is. You have to work on that because my father passed away at nearly my age. So I try and lean toward really taking care of myself. But part of a great support network for me over the last 18 years has been a group called Firewood. And it's an accountability group. And it started when a friend of mine called me up and said, I want you to be on my board. And I'm like, Charlie, what board are you talking about? Like he worked for Exxon and he wasn't in a position to invite me one of the board of Exxon at the time.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, so I have an amazing support network in my life in general. You could start with my 94-year-old mom. I'm her baby still at, you know, age 61. Friends, you know, mentors. 9”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“And again, there's no rule that that has to be the case. We don't have quotas or anything like that, but we're looking for diversity of viewpoint and opinion and people that don't agree with us. And I have some people just like, do you know that this other team member doesn't agree with you on X, Y, and Z, yes, and that's a good thing? That's how you have different ideas and helps you get out of your own silo and moves you forward.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“You want to associate with your people yourself with people whom you trust. Who do you trust? You trust people that look just like you. That is a formula for disaster So, under our servant leadership program at Bridgeway, part of what we're trying to do is hire people intentionally that don't agree with us. People who have a different view into things. The cool thing about that is this is diversity of ideas and frameworks. If you look at what people look toward as the physical diversity around gender, race, skin color, we've got more diversity there as well at Bridgeway than the vast majority of our competitors. I'm proud of that. It's not something we set out to do. On my team of eight people at Bridgeway, I'm the only male wasp on the team.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“But there's tremendous psychological pressure to hire people that look and think just like you. And there's all this with the media. There's all this research and people are thinking about it with respect to news software. That's who you tend to know. Statistically. That's who you know and it's also who you feel most comfortable with. If you're in finance”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, not in fairness like our lawyers are at the high end. Like, we're still doing it. We had a conversation, we're doing it. But this is also human nature. It's not just lawyers. I'm putting them on the hot spot there. We all tend toward being defensive. And sure. Like it hurts, so you walk away from the stuff that hurts. But if you want to improve and grow and be really great, and I'm an engineer, so I think of continual small improvements. Then you've got that's that's like that's your fodder. That's where you can really learn from and grow there's a there's one other principle that relates to this I just want to mention and that's diversity So we all know you don't want to hire a bunch of yes people, right?”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's on the ball, it says it's a baseball. And on the ball, it says mistakes are the jewels. We expect new people coming in. And by the way, old people that have been there at Bridgeway for some time to make mistakes. If you're not making some mistakes, then you're not going to achieve the mission that we've got in the world.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Not only that, but you can't learn from the mistakes if you don't get them out in the open and on the table. That's the bottom line. And we are absolutely committed to learning from mistakes. We have this ball called the Mistakes Ball that we passed to the newest partner coming into Bridgeway. So whoever's the latest one has got it”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“How great we did, and look at this Think about it. You have a boss, your boss wants to know the stuff that's good, but also the stuff that's bad. I just couldn't get around that logic. And I thought, dang, you know, there's just got to be some way to do it. So we brainstormed that. This was probably coming up on 20 years ago. It wasn't the very beginning of Bridgeway, but it wasn't too long after that. And we thought, well, we're just going to put in our annual report, the worst thing that happened in the year. We'll just own up to it. This drives lawyers' nuts. It's like, John.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, I like to think that we listen to our investors. I had an investor conversation that went something like this. You know, like, so I'm the 40-act fund. I'm the shareholder. I'm the customer, and you're the manager, and you work for me. And I think that I have the right to know the bad stuff. Here's the shareholder letter, all this great stuff.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Not a big fan. Soft dollars would be an example from day one where in the early days of Bridgeway, we could have paid for our Bloomberg terminals. With soft dollars. And, you know, like that would have flowed straight through to our bottle. And frankly, it was a big deal.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Sometimes you can make more money for yourself than your client and you shouldn't because we have a fiduciary duty that should come first. That's what fiduciary duty is. And by the way, this is the financial services industry. Like some of this is law built into the Forti Act law. Right. However, it's true of any industry, like this should always be the case. I have a friend that says business is a platform for community and service. That's a good way to think about capitalism and what we're trying to do Putting our customer first should be how we wake up in the morning, like that's what they pay us to do. And it's a beautiful thing to be able to do that and to create wealth and opportunities and employment and services and goods that people value and need and want.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Just because things are expensive doesn't mean that they won't get more expensive and that you should hold true that period.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“In the middle of it, take us back to 1998-99. Remember the period very clearly. In 1998, I thought, oh, gee, this is really expensive. Like we're really getting outside the sweet spot of how cheap or reasonable even the market is. I don't like that. If I had acted on that insight, and I wasn't wrong, along with other people, I wasn't wrong on that. Had I done that, we would have missed one of the best years in the stock market the following year.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“And we haven't solved that problem. I can show you statistically, this is a problem at Bridgeway. By the way, it's true of the indexer still. You can look at Vanguard's biggest index fund. They've got this problem as well. As an industry, we have got to work on this and solve it, and I think that's the next frontier.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Cycle. I'm most comfortable when everyone else is wringing their hands as an investor. That's just my personal makeup. That doesn't mean, however, that I should take that information and try and time the market. That would be the wrong conclusion. Just holding through the downturns. Here's another great, I mean, you think buy low sell, all right? Everybody knows that most people will say they're doing that, and then you go back and track their actual numbers. They're not doing that. The behavioral thing is much, much stronger. Right. It's much easier said than doing it.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it not only costs them more if there are transaction costs, but the actual performance of those two players is flipped based on what you would think. The fired manager does better because they fired at the bottom of that site. If they have a solid process, now if they're doing screw stuff, that's one thing. But they have a solid process that's just out of favor. That's the time to be buying, not selling. It's upside down.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Over the long haul. And this is not just true of individual investors. It's true in a very broad sense of institutional investors as well. And the study I like to cite on that is a study that was done of pension fund performers, and they took a look at the three-year forward returns of managers that were fired versus the ones that they hired to replace them. And what do you think happened?”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“The returns to investors of this fund is the averaging return is about two thirds of the total return. So we've produced what I think is a very attractive 15-year track record. The timing of when people get in and get out, they're chasing hot returns. They panic in 08. The net of all that over the last 15 years is the average annual return is one-third less. From that standpoint, think of like a third of the value that we've created and that the economy has created gets washed down the toilet by when people are in and out. It's worse than that though. Think of that number, one-third. If you take an investing horizon of 30 years, like you're saving for retirement when you're 40, 30 years later, the amount of money that you've got is one-third, two-thirds less, one-third of what it would be had you just used a buy and hold strategy.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Version of marking timing is behaviorally based. And let me give you a real world example of this at Bridgeway. I looked up statistics on just before coming in, updated on one of our more aggressive strategies. Over the last 15 years, according to Morningstar,”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this is probably my biggest sore spot professionally in the investment, you know, if the investment industry and the service that we've provided, the place where we're still living, we have not solved the problem of what I refer to as the behavior gap. The behavior gap coined, I believe, by Carl Richards as a description of the natural tendency of human beings to buy more when things are going up call it greed or wanting to get on the bandwagon. So it's chasing hot returns. And on the downside, fear when things go poorly, when the stock market goes down, it predictably, and it is so broad-based that people are going to panic and what do you do? You get out. And there are all different versions of this. So it's another...”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source
“Difficult to time that, and we've done all this research on a lot of different ways systems that people have done that. It's just very difficult to do. There's certain things you can reduce risk on, like I mentioned, the market cap weighting in large cap stocks. But the second thing I learned from that is about leverage. So some of my quant competitors use a very significant amount of leverage in long, short strategies. I won't say that, you know, that's a complete, that in all circumstances that's a bad idea, but you should be very, very, very careful. The Dow Jones Industrial Average in the Great Depression fell 86%. You can't say it can't happen. It has happened. That's one thing about statistics is like, oh, that'll never, well, of course it can happen. It has already happened. 86%. If you've got debt on top of buying stocks, it doesn't take much debt to compete.”
2017-11-03 · Masters in Business · Bridgeway's John Montgomery Gives Away Half of Its Profits · IDENTIFIED FROM THE TRANSCRIPT · source