Fees appear to have gotten even more predictive.
Here is a theory: Competition has increased among managers and products have proliferated. That leaves fees as the dominate way to add value.
The argument and evidence becomes even stronger if you perform a simple cost-benefit analysis using incremental risk-adjusted return and incremental correlation- adjusted cost. #ActiveManagementValueRatio #ActiveExpenseRatio
Yep. Good comment. Many thanks!
Here is a theory: Competition has increased among managers and products have proliferated. That leaves fees as the dominate way to add value.
The argument and evidence becomes even stronger if you perform a simple cost-benefit analysis using incremental risk-adjusted return and incremental correlation- adjusted cost. #ActiveManagementValueRatio #ActiveExpenseRatio
Yep. Good comment. Many thanks!