COSTS

In the fund business, you get what you don't pay for. Costs are the enemy of the investor.

The miracle of compounding returns is overwhelmed by the tyranny of compounding costs. Never forget that.

Complexity in investing is almost always sold to you, not created by you. The more complex the product, the more someone is taking from you.

The cost of running AI models drops by half roughly every year. That means what is expensive today becomes accessible tomorrow. We want to accelerate that curve.

If a transaction costs $5, you can't build consumer apps. If it costs $0.00025, you can build anything. The difference between expensive and cheap isn't a feature — it's the difference between a toy and infrastructure.

In the long run, the investor is far better served by the compounding of low-cost returns than by chasing high returns with high costs.