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(1). When an investment manager veers slowly away from the type of investments he’s supposed to be making. Usual result is affectionately referred to as “turnover”.
“Well, Mike, I think it’s safe to say you guys have experienced a little style drift lately. Buying California municipal bonds in a Turkish equity strategy is just not really what we were looking for.”
(1). How fancy, snooty business men concluded meetings in England in the mid 1800’s.
(2). How fancy, snooty bankers & Wall Street folk currently conclude meetings.
“Old business?! No? On to new business then..”
(1). When you tell your client (usually in an innocuous letter they’re not going to read) you’re going to do something unless they tell you not to. Why, you sneaky, little ….
“Yeah, go ahead and sell. We gave them a chance to object already. That’s negative consent, in my book. Fire away.”
