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Following one of the most violent conflicts in human history, the United States and Japan built a deep and abiding friendship - an alliance that has underwritten unprecedented economic growth and security in the Asia Pacific for half a century. It is an alliance based on mutual interests and shared values and the ties between our people.
The culture of the mutual fund industry, when I came into it in 1951, was pretty much a culture of fiduciary duty and investment, with funds run by investment professionals. The firm I worked with, Wellington Management Co., they had one fund. That was very typical in the industry... investment professionals focused on long-term investing.
