Barry Ritholtz Money Quotations

Asset managers have different approaches, and I don't wish to suggest there is only one way to run money. There are many ways one can attempt to reduce risk, improve performance, lower drawdowns and reduce volatility.

Commissions add up, taxes are a big drag, margin ain't cheap. A good accountant costs money as well. The math on this one is obvious, yet investors often fail to recognize it: Keep your costs low and your turnover lower, and you will win in the end.

Mutual fund managers want your money in their funds. They get paid based on assets under management.

Getting more and more of our news from the social network is having significant repercussions for markets - and your money.

Hedge funds are not especially liquid. Many are 'gated' - meaning there are only small windows when you can withdraw your money. They typically have a high minimum investment and often require investors keep their money in the fund for at least one year.

Often, investors will discover a manager after he's had a terrific run, usually when he lands on a magazine cover somewhere. Invariably, funds swell up with new investor money just before they revert to their long-term averages.

Every buck that they are forced to spend elsewhere is that much less money (spent) on other issues. With technology it may not fall dollar-for-dollar, but you have to think that it's going to pinch a little bit.