A quick note via email from a reader who’s attending the big Morningstar Investment Conference this week:
I’m at the Morningstar conference in Chicago. There’s a direct correlation between quality of trinkets and trash and the fund’s expense ratio – and it’s inversely correlated to performance. Example: That liquid alts manager you recently mentioned with a terrible record and high expenses is giving out shoe shines.
Vanguard has mints.
I love it. The liquid alts thing he’s referencing is here, btw.