The Ten Commandments of Investing
Many Happy Returns
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The Second Commandment Is Written on the Stone Tablet
There's a cult of celebrity around investing in active funds. But you just can't predict who is going to be at any one time, he says. The size of the outperformance gets gobbled up very quickly once they start to charge 0.5%. He suggests symmetric fees where if they do outperform, yeah, they get to keep some of the gains but if they don't - that way they have skin in the game.
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