Fouse criticized the idea of the leveraged low-beta fund within Wells Fargo, earning Black's ire: "I said `Well, Jeez, there's something wrong here, guys. We're going to end up levering utilities and food stocks, and the future earnings developments of these groups can wander away from what was expected and you're going to find yourself in trouble.' ... Fischer Black got so angry with me ... he got up and left the conference room." (Fouse interview) 5.

Donald MacKenzie, An Engine, Not a Camera, loc. 1488