Like so many others I was surprised to hear that my friend Eduardo Repetto and Pat Keating have started a new firm to compete with DFA. Perhaps the added competition will benefit advisors and their clients, who knows? When reading the news I had time to reflect on my years building the Advisor business at DFA, and all the success we had making a difference for so many investors.
In my opinion, the only serious mistake I made was hiring Pat Keating who had very different ideas regarding what DFA’s relationship should be with financial advisors. Perhaps Pat’s ideas would have been better and now he will have a chance to prove it. DFA owes so much to the advisors who contributed a great deal to our success and in my opinion Pat failed to appreciate that.
I did however make some great hiring decisions. I believe everyone acknowledges the talent and ethics of people like Dave, Bryce, Brad and Mark just to name a few. They have continued to make DFA a great firm long after my departure.