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Investors need to stand up for themselves when it comes to paying outsize investment fees to managers.
In the UK, the financial regulator本周宣布that it has evidence that investment advisors are not being clear about fees and, in some cases, purposely misleading clients. In the US,the SEC announcedthat it found hundreds of private equity firms were inflating fees and expenses to unjustifiable levels. And you can add to this fun mix a renewed belief thatfinancial markets are riggedagainst average investors. It’s all rather depressing. But please don’t act as if you’re surprised by this.
哦，你认为借款的成本与现行利率相同？Hilarious。你认为私募股权商店只收取“2和20？”真可爱。您认为您知道您支付投资经理的风险是什么？来吧。更好的是，您认为您的财务顾问值得您支付的费用？抱歉，现在研究显示that most financial advisors create more damage for their clients than they do value. Even better still, you thought everybody was equal under the law? Ha. Investment professionals seem to stealwith impunity。
对不起，但究竟投资者会开始站起来为自己的兴趣而开始吗？我们甚至是怎么达到这一点的？金融服务业如何对其客户确保如此主导地位？我最近一直在想很多，我有一些想法：
*学者：似乎缺乏兴趣，甚至尊重金融中的巨大委托 - 代理问题 - 等待它 -finance professors。The latter have been overly focused on the challenges shareholders have exerting influence over managers within corporations, but they have largely avoided projects that highlight the huge problems facing investors in disciplining their intermediaries. Why is that?
*Theories:我认为投资者太专注于多元化，这 - 提示金融异端 - 不是免费的午餐。在我看来，多样化意味着投资者专注于金融产品的风险和回报概况 - 这些金融产品的风险和退货概况 - 由中间人构成 - 而不是在潜在资产上开发视图。这种依赖“产品”有助于创造一个中介机构可以过度收费的环境;复杂层的层变得简单。
*Priorities:Most investors have better things to do than worry too much about how many extra basis points they’re paying to Wall Street. Their focus tends to be on asset allocation, risk management and manager selection — and based on their impact on overall returns, that's probably right. But this means that "cost management" tends to be an afterthought.
*透视：单一投资者非常困难，市场视角有限，独自行动，希望能够成功地保持成本。他们缺乏参考，了解管理人员提供的最佳条款和费用。他们也倾向于过度自信，因为他们获得最受欢迎的国家的能力 - 几乎所有这些都没有。
*Unknown Unknowns:在收费和成本的世界中，已知已知已知，例如管理费用的明确费用。他们最容易减少，特别是如果一个基金在其余市场中收取的是良好的vista。然后有已知的未知数，例如交易传播或标记等隐式费用。大多数投资者都不知道他们支付了他们，因为他们经常被埋在媒体，他们可能很难揭开。正如您可能期望的那样，尽力处理，是未知的未知数。这些是隐藏的费用，即你不实现甚至是一个选项......除非通过了解在哪里看起来，否则无法减少这些。你会感到惊讶的是，其中有多少并且非常有利可图。
*害怕的litshess：我已经遇到了更多的机构投资者，而不是我关心，亚博赞助欧冠从字面上讨论，不想知道他们支付了多少钱。他们绝对不希望世界知道他们支付了多少钱。为什么？因为如果他们实际上在他们的理论总额与他们的净回报之间掌握了三角洲，他们必须做点什么。或者他们被解雇了。
所有这些都提出了一个重要问题：可以在华尔街中缰绳可以做些什么？什么都可以完成吗？也许我们应该习惯31岁的赚钱100万美元in a single year thanks to a couple of good trades. Right? Wrong.
我看到了一些解决方案，他们很符合我的核心研究议程斯坦福的中心和我在私营部门和巨头做的一些工作：1）我们需要通过良好治理，促进机构投资的专业化;我称之为自上而下的解决方案;2）我们需要培养高度破坏性的技术，有可能破坏和疏通;我称之为自下而上的解决方案;3）我们需要通过播种经理和鼓励新类型的顾问来将行业重新定位为新的，更多的服务提供商。最后，4）我们需要挑战传统的金融理论和模型。
这是一个大量艰巨的项目,但是我没有我llusions. I simply hope that by the end of my professional career, some thirty years from now, I will have seen it completed. As a parting point, I’d like to remind the community of institutional investors that all of this focus on cost is in their interest. After all, investment professionals often forget that an investment in cost and fee reduction provides far greater returns per unit of risk than anything else an investment organization can do ...