Asset Management Is A Bizarre Industry Ripe For Disruption
David Teten
NOVEMBER 15, 2013
Each new investor tends to raise valuations and lower returns for all the other competitive investors. It is mathematically impossible for the median investor to beat a low-cost index, after expenses. (Of Asset managers can earn far more money at less risk than in any other industry. Would you pay a $379 tip for a $70 meal?
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