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Whatever1984, what's your opinion? Comment below:

A brilliant buy of iShares, and a strong commitment to high-volume low-margin businesses.

Think of it this way: If I offer to run a simplistic indexing strategy for your $1B at a 1 bp fee, I'm only making $100k/yr and probably not covering costs.  I can still report $1B in AUM though.

I know enough about the fixed costs in the space to say that some of their funds probably aren't profitable for the firm until the AUM is somewhere in the high 10 figures.  I can't deal with those margins. Just doing the basic AUM X NER to get a rough idea of gross revenue would surprise you.  So many of the biggest funds end up so low on the revenue listing.

AM is fun because you get to throw those insane AUM numbers around.  The catch is that it's all OPM and you never get to see any of it.

The only difference between Asset Management and Investment Research is assets. I generally see somebody I know on TV on Bloomberg/CNBC etc. once or twice a week. This sounds cool, until I remind myself that I see somebody I know on ESPN five days a week.
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[email protected], what's your opinion? Comment below:

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