With Markets in Turmoil, Reflect on Fundamentals

I am reminded of the first paragraph in the CFA manual under the header, Ethics in the Investment Profession

Ethical practices by investment professionals benefit all market participants and stakeholders, and lead to increased investor confidence in global capital markets. Clients are reassured that the investment professionals they hire have the clients’ best interest in mind and investment professionals benefit from the “reputational capital” such integrity generates. Ethical practices instill a public trust in the fair-mindedness of markets, allowing them to function efficiently. In short, good ethics is a fundamental requirement of the investment profession.

—and I wonder why. And who—who wrote these words? These are the people I want to do business with.

– Ann Rutledge