How do you like them apples?
A wonky remix of one of cinema's greatest scenes
CHUCKIE: All right, are we gonna have a problem? I don’t understand.
CLARK: No. There's no problem here. I was just hoping you might give me some insight into the evolution of so-called wealth management in today’s environment. My contention is that prior to the AI revolution the traditional advisor model, especially in the age of Robinhood, could most aptly be characterized as obsolete pre-lapsarian—
WILL: [interrupting] Of course that's your contention. You're a first-year DIYer. You just got finished reading some neoclassical economist, Eugene Fama probably. And you’re gonna be convinced of that until next month when you get to Warren Buffett. Then you’re gonna be talking about how the mutual fund companies were outperforming active managers way back in 1965. That's gonna last until next year, you’re gonna be in here regurgitating Ramit Sethi, talkin’ about, you know, the fiduciary rule and the capital-forming effects of avoiding AUM fees.
CLARK: [taken aback] Well as a matter of fact I won't, because two-thirds of professionally managed funds are reg—
WILL: "Two-thirds of professionally managed funds are regularly outperformed by a broad capitalization-weighted index fund with equivalent risk..." You got that from Malkiel, A Random Walk Down Wall Street, page 98, right? Yeah I read that too. Were you gonna plagiarize the whole thing for us? Do you have any thoughts of your own on this matter? Or is that your thing, you come into a meeting, you read some obscure passage, and then pawn it off as your own idea just to impress some interns, embarrass my profession?
[Clark is stunned]
WILL: See the sad thing about a guy like you is in 50 years you’re gonna start doing some thinking on your own and you’re gonna come up with the fact that there are two certainties in life. One, money isn’t just about investing. And two, you dropped 150 grand into a f*ckin’ traditional 401k when you coulda got millions in post-tax savings.
CLARK: Yeah, but I will be retired, and you'll be managing my kid’s college fund at a branch office on our way to eight figures.
WILL: [smiles] Yeah, maybe. But at least I won't be unoriginal.
🤙🏼 Pura vida,
Sent with 💛 from Pittsburgh
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