“The fee engine keeps shrinking: every quarter pulls assets out of high-fee active equity into cheap index and passive, and a stock priced on those fat fees has further to fall as the moat melts.”
“That is really disruptive for everybody from Fidelity through to every hedge fund in the world. So that's all going to change.”
Prices are point-in-time snapshots from the named provider. The verdict compares the return since entry against the band above.