The Mutual Fund Industry Can Weather the Storm Non-U.S. Markets vs. U.S. Markets

Buy the Money Manager not the Stock

My law of money management profitability says that because of fee structures, the rate of return a money manager gets on its capital is, by definition, better than the rate of return the client gets on his capital. If you find stocks that are desirable, you’d be better off buying the money manager holding those same stocks than buying the stocks themselves.

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