David Rosenthal: uncertainty

Transcript context

…Certainly we’re going to be successful at raising that fund and certainly we’re going to be very profitable because we’ve got this great idea. Totally. What could go wrong? Well, in the mid 60s, the idea that some wonky academics at some random secretive agency in Princeton, New Jersey could go raise money, was non-viable. It was hard enough for Warren Buffet to raise money at this point in time for his fund, and he was Benjamin Graham’s anointed, appointed disciple. And here are these academics who are working at some random, unknown non-profit, saying give us money. We don’t know anything about these companies that we’re going to invest in. We don’t know anything about fundamentals, but we’ve got a really good algorithm. People are probably like, what is an algorithm? So they just have no access to capital. This was decades before it became high pedigree to come from a technical or computer science background in the world of investing.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.