We’re into chapter 14 of the book and this is its most practical chapter that everyone should just buy the book and read it and I really don’t want to spoil what is otherwise an excellent chapter that debunks a lot of the bullshit spread by the industry.
The most important point for readers are three points that the authors believe in:
A) Markets are fairly efficient
B) Costs matter
C) The market portfolio is the only investment that everybody can own at the same time.
I think this is what ultimately divides the run of the mill commissions based FAs and the proper fee based businesses like Providend.
Yesterday i was buying a war game from a Carousell trader and he was complaining that these days FAs would not even use the term ILPs when hawking financial products to the public. It
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