t*m
发帖数: 4414 | 1 There are many SP500 MFs, e.g VINIX
VINIX's total assets stands at 93.5B with expense ratio 0.05%.
That translates to an annual fee of 46.75 million USD in total.
Are there a lot work to maintain a SP500 funds? 46.75M fee seems like easy
money for Vanguard. | s********z
发帖数: 5411 | 2 fed can make money with keyboard and that's even easier.
easy
【在 t*m 的大作中提到】
: There are many SP500 MFs, e.g VINIX
: VINIX's total assets stands at 93.5B with expense ratio 0.05%.
: That translates to an annual fee of 46.75 million USD in total.
: Are there a lot work to maintain a SP500 funds? 46.75M fee seems like easy
: money for Vanguard.
| X****r
发帖数: 3557 | 3 Tracking an index accurately is non-trivial. Quoting William Bernstein
in "The four pillars of investing":
'This gets to an important issue, so-called "transactional skill."
Itis often said that a monkey could run an index fund. Nothing could
befurther from the truth. Precisely tracking an index requires a
veryhigh degree of market savvy, discipline, and nerve.'
That said, I suspect a significant portion of the cost comes from
running the business itself, i.e. administrative costs, like record
keeping, customer service, auditing, being compliant with all these
laws and regulations, etc.
easy
【在 t*m 的大作中提到】
: There are many SP500 MFs, e.g VINIX
: VINIX's total assets stands at 93.5B with expense ratio 0.05%.
: That translates to an annual fee of 46.75 million USD in total.
: Are there a lot work to maintain a SP500 funds? 46.75M fee seems like easy
: money for Vanguard.
| t*m
发帖数: 4414 | 4 I agree that tracking an index very accurately could be hard. But is it
necessary?
Say, there are two SP500 index funds, denoted as MF1 and MF2.
MF1 has a strong/expensive manager team and tracks SP500 very well, with the
correlation rho^2 at 0.995 (before any fees charged). And it's expense ratio is 0.1%
MF2 has an OK manager team and tracks SP500 fairly good, with the
correlation rho^2 at 0.985 (before any fees charged). It's expense ratio is 0.05%
In long run, will MF1 outperform MF2?
【在 X****r 的大作中提到】
: Tracking an index accurately is non-trivial. Quoting William Bernstein
: in "The four pillars of investing":
: 'This gets to an important issue, so-called "transactional skill."
: Itis often said that a monkey could run an index fund. Nothing could
: befurther from the truth. Precisely tracking an index requires a
: veryhigh degree of market savvy, discipline, and nerve.'
: That said, I suspect a significant portion of the cost comes from
: running the business itself, i.e. administrative costs, like record
: keeping, customer service, auditing, being compliant with all these
: laws and regulations, etc.
| s******t
发帖数: 12883 | 5 I think 10 people is enough for index fund.
easy
【在 t*m 的大作中提到】
: There are many SP500 MFs, e.g VINIX
: VINIX's total assets stands at 93.5B with expense ratio 0.05%.
: That translates to an annual fee of 46.75 million USD in total.
: Are there a lot work to maintain a SP500 funds? 46.75M fee seems like easy
: money for Vanguard.
| s******t
发帖数: 12883 | 6 还有ecb可以公然图利银行， 以1%的利率借出5000亿欧元， 让银行去赚利差。
所以我觉得搞金融和证券的是最邪恶的。
【在 s********z 的大作中提到】
: fed can make money with keyboard and that's even easier.
:
: easy
| N*C
发帖数: 1987 | 7 刺激经济，很正常。
【在 s******t 的大作中提到】
: 还有ecb可以公然图利银行， 以1%的利率借出5000亿欧元， 让银行去赚利差。
: 所以我觉得搞金融和证券的是最邪恶的。
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