HedgeCo Archives - "Never yet done" practices - rather than 'best practices' - hold the key to break-out performance in the asset management industry, Ken Fisher, Founder and CEO of Fisher Investments, said in remarks prepared for more than 120 leading industry executives at Tiburon Strategic Advisors' CEO Summit XVII on October 7 at the Ritz Carlton Hotel in San Francisco.
Fisher will be honored along with Charles Schwab as recipients of Tiburon's Inaugural CEO Summit Awards, recognizing their contributions to "Focusing on Customer Needs" and "Challenging Conventional Wisdom."
"So-called 'best practices' aren't," Mr. Fisher said in his prepared remarks. "They are a fine way for a D-quality firm to become a B-quality firm. But in asset management, to become an A-quality firm you have to ban 'best practices' from your lexicon, think more in terms of innovation and challenging conventional wisdom by establishing practices that have never been done before."
Fisher is also the author of three New York Times best-sellers, including his current best-seller "How to Smell a Rat: The Five Signs of Financial Fraud" (Wiley, August 2009). For the past 25 years, he has also written Forbes' "Portfolio Strategy" column, making him the fourth longest-running columnist in the magazine's history.