The Investment Management Business in a Nutshell

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.

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