Jack Bogle passed away. If his is a new name for you: when you retire, he'll have been directly responsible for about $1 of every $2 you receive from your investment returns or pension, by negotiating down by 95% fees the financial industry charged for no good reason.
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The difference between 2% and 10bps is approximately a quarter of the returns to capitalism, which compounded over a 35 year working career work out to about 2X difference. (Being somewhat handwavy on the math in the interest of general legibility.)
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I think the promise of mutual funds was true... when they first started. Mutual funds predate the SEC; the fact that fund managers could look at financial statements and annual reports and distinguish solid companies from scams provided a nontrivial benefit.
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Without the work the SEC does, you wouldn't be able to pick a random company from the S&P 500 and say with a high degree of confidence that they're more legitimate than bitfinex... we can thank regulators for making broad-market ETFs practical financial instruments.
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What does bps mean?
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1% of 1% or 1/10000
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It was darn hard to get access to those funds without paying 15-25 bp eventually, including all costs and fees.
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For reference, meaning of ‘bps’ besides bits/bytes per second: https://www.investopedia.com/terms/b/basispoint.asp … 1bps = 0.01%, 10bps = 0.1%
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