Does Buying Expensive Quality Stocks Work?

It’s the 1960s. New investors join the markets in droves. The number of shareholders crosses a landmark number for the first time in history. Most of these new investors flock to mutual funds. Assets under Management, having grown 7x in the last decade, are on track to grow more than 3x. A star fund manager breaks away from the firm that he helped make the face of the mutual fund industry to start his own. His NFO seeks to raise $25M, an ambitious amount for the time. He plans to charge as much as 8% in entry loads. Yes, that’s

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