Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they are, the more money flows into their mutual fund. Then, it is more difficult for them to beat the market averages or even to match their own past performance. ↗
The securities laws of the 1930s were so important because it forced companies to file registration statements and issue prospectuses, and it remedied the imbalance of information. ↗
Last year, New York got $200 million. This year, we're going to give them $124 million under this particular program. But last year was an artificially elevated number to make up from the very low grant the year before. ↗
I think the most exciting thing is that you expect people our age to know the music, but actually a lot of kids know the music, and if anything is left, we have left really good music, and that's the important part, not the mop-tops or whatever. ↗
The larger point is this: We've invested over half a billion dollars in New York since this department was stood up. We've given New York more money, by more than double, than any other city in the country. ↗
