Howard Fischer was recently quoted in the St. Louis Post-Dispatch regarding Church of Jesus Christ of Latter-day Saints (LDS) and its investment management company who have agreed to pay a combined $5 million to settle charges they previously hid the church’s multibillion-dollar stock portfolio from the public.

“It is doubtful that there are many other similar instances of concealed investments — especially given that managers are usually compensated based in part on the size of the portfolios they manage,” said Mr. Fischer.