FEES

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

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.

My bank was charging me 5% on every transfer to Estonia. I did the math — I was losing thousands of pounds a year. That's not a fee, that's theft.

Banks make $35 billion a year from overdraft fees. That's $35 billion taken from the people who can least afford it. We charge zero.

Wall Street makes money on activity. Investors make money on inactivity.

The mutual fund industry is a colossal failure. It charges high fees and consistently underperforms index funds.

Immigrants send $700 billion home every year. They shouldn't pay 8% in fees for the privilege.

Returning capital to investors when you can't earn it is not failure. Keeping it and collecting fees when you can't earn it — that's failure.

South Africa's big banks charge R50-150 per month just for a basic account. We charge zero. When your competition is a monthly fee, free is a feature.

The evidence is overwhelming that active managers as a group cannot beat the market after fees.

The investment industry exists for one reason only: to transfer wealth from clients to itself. That's not cynicism — that's arithmetic.

MEV is an invisible tax that miners can collect from users.