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Meb Faber on the Big Bear Market in Diversification and Tactical Allocation
Odd Lots
The Economics of ETF Management: Skin in the Game Matters
Managing and trading an ETF requires careful consideration of expenses, particularly when it might remain inactive, risking up to a quarter million dollars annually. Reverse inquiries play a crucial role, where hedge funds or investors express a desire for ETFs that offer opposite exposure, often driven by thematic strategies. However, the prevalence of mutual fund managers lacking personal investments in their own funds highlights a concerning lack of commitment, with half of all public funds closing within ten years. This underlines the importance of selecting investments that promise substantial benefits to investors, as many offerings may lack the potential to significantly enhance future returns.
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