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Larry Swedroe of Buckingham Asset Management argues that Romney’s career at Bain Capital was good for the economy.
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Again -- -- what drove his with Buckingham asset management -- welcome to the programs good to see that the -- -- -- out of your investor you manage money understood that wanted to take a political -- for a second -- we've got the Republican Party looks to -- like -- split over the issue of what is a good capitalists.
You on the sidelines -- investor you're looking into this political debate what do you make of it.
Well I don't think there's any debate within the Republican Party I think you have a bunch of loses who are trying to attack one of the foundations -- what -- this country great.
Almost all of the jobs in this country are created by small companies who depend heavily on -- capital to raise funds that the banks in the public markets won't provide.
That's created most of the wealth.
Romney of being created wealth obviously -- investors got great returns among those invest this.
With state pension plan -- the citizens benefited.
-- Staples I believe was one of the companies that's got something like 90000 jobs.
On occasion they'll have to come and save the company from itself you've got weak management.
Banks won't lend to -- they can't raise money any the way they come in and make the tough decisions that that management could make lay off.
Excess staff including XX management in effect killing the cancer -- -- -- it to save the body.
And all off and they'll work sometimes it fails.
And companies fail but that's the point made early back destructive the creative destruction does it make when you see this debate going on and you're looking towards the election does it make any difference to how you see the market some way you would put money on your clients' behalf plot arsenal night doesn't at.
I believe it'll make a difference who wins -- I can't forecast I don't believe you should have a plan that depends upon forecast because the evidence is there are no good experts at forecasting whatever the field -- Look we got I'm calling it done -- intrinsically -- disappointing news jobless claim yes that was a great little disappointing.
Again does that make a difference to the way you see the markets don't know and not really because that's what I call stage one thinking.
You know there's bad news and therefore you should sell -- he should do states to thinking.
Meaning there is the economy is the worst people will take more action rates will stay down longer might seem more fed action and that's that's the -- isn't.
But what about this well losing taxes they wanna -- against your industry isn't that gonna change the way you do is that what I -- -- -- on well personally I am in favor of a very small transactions tax to kill high frequency trading which adds no value a very tiny tax.
May be one cent a share.
That is an area don't know about you guys.
Season -- attacks that traders when that happened had.
The transaction.
I also happen agreed that PEs should be -- Baird should there are no different.
To me that's the wrong way to -- -- that's income like everybody else its form over substance.
And they should be tax that Atlanta was very interesting delved into politics -- in favor of the transaction time very absolutely gonna come back if you know -- -- happen.
Happy to do that -- Woodruff thanks -- appreciated.
Back to the call.
