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But also, if you invest i think 1m then your annual fee drops to 0.5% and higher it drops to 0. But still, id hate to pay 20% of my gains above 6% to some guy who does 0 trades for 8 years drinking coffee at home and reading books Consider this: You give Guy Spier 800k of your money. He takes 1.5% annually of that->12k a year, for investing close to half of his fund into Berkshire, Exor, Prosus and Nestle. So i pay him 500 bucks a month just to hold these stocks HA! And mastercard, bank of america? Are these hard to understand mega cap stocks you need to have 5 years of training to understand when to buy and when to sell? I am envious, he makes bank for doing quite literally nothing Thats why i think Nick Sleep was the best fund manager ever. He told you the truth: Get out of this fund and just buy Berkshire, Amazon and Costco and do nothing. Thats transparent, thats honest and thats of high moral character. And also @John Hjorth, if you want to invest with Semper or Guy you need to prove yourself to be of the right "character" for the fund, they ask you if you panic liquidate etc so you HAVE to have background knowledge in investing in order to get in at the first place.

Point is, it is morally of lower character to charge money for investing other peoples money while then outsourcing that capital to someone else who invests the money for you. While that's not exactly what guy spier and Semper are doing, they are still half way with the foot in the water. IF you are smart enough to give someone like guy spier your money, shouldn't you be smart enough to just copy him/invest your money into BRK etc? Thats where I wonder, who are their investors? If you are smart enough to not invest in your expensive local bank fund and find intelligent guys like the ones I mentioned, why wouldn't you just skip the middleman? Guy doesn't do any trading, you can find all of his positions online. You can simply copy it and be done. Yes in a crash maybe he does a few things but id say with his style of investing the best really is to do nothing. A mystery!