[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.
![[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.](http://cdn.quoteddaily.com/images/charlie-munger/with-closet-indexingyoure-paying-a-manager-a-fortune-and-he-has-85-of-his-assets-invested-parallel-to-the-indexes.jpg)
[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.