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Where are fees and expenses not costs?

from CFA Institute Enterprising Investor

We “properly” don’t consider “performance-based compensation” to be a “cost of [investment] management” and “incentive payments are not included ... [as] an expense.” Representatives of large endowment investment offices made these statements, according to Charles Skorina, a leading chief investment officer (CIO) headhunter (he is paid to know who is good and who is not and tracks this closely). more

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