Buy the Money Manager not the Stock
by Murray Stahl
My law of money management profitability says that because of fee structures, the rate of return a money manager gets on its capital is, by definition, better than the rate of return the client gets on his capital. If you find stocks that are desirable, you’d be better off buying the money manager holding those same stocks than buying the stocks themselves.
Source: http://www.valueinvestorinsight.com/