Malkiel, 84, is now chief investment officer at Wealthfront, a Silicon Valley startup that’s become one of the leading robo-advisers—firms that use index funds to build automated investment plans for a fraction of the fees charged by traditional advisers. Just as index funds brought down the cost of investing, robo-advisers will bring down the cost of advice, says Malkiel, who spent 27 years on the Vanguard board. “The one thing I know is that the less I pay the purveyor, the more there will be left for me,” he said.
Towards the end of his life, the great organisational thinker Peter Drucker wryly observed that although he'd spent half a century speaking about the mysterious, seductive, much sought-after quality called "leadership", he wasn't sure there was much to be said about it at all. "The only thing you can say about a leader," he remarked, "is that a leader is somebody who has followers." This circularity hasn't stopped numerous gurus presenting themselves as purveyors of the "laws" or "secrets" of leadership
Wall Street's finest may be grumbling over the new bonus restrictions imposed by the Obama administration, but it could be worse: they could be working for the Royal Bank of Scotland, whose largest and most influential shareholder is the British government.
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1 excellent or much better than average:
purveyors of fine wines and gourmet food
The world's finest collection of Impressionist paintings is housed in the Musée d'Orsay in Paris.
This building is the finest example of its type.
2 INFORMAL bad or inconvenient:
That's a fine (= very unpleasant) thing to say about your father after all he's done for you!
He picked a fine time to leave us.
1 the best example of its type:
This 100-year old restaurant is among London's finest.
2 US INFORMAL A city's finest is its police force:
New York's finest
The painting depicts a finely-dressed couple.