Longbets: “Over a ten-year period commencing on January 1, 2008, and ending on December 31, 2017, the S&P 500 will outperform a portfolio of funds of hedge funds, when performance is measured on a basis net of fees, costs and expenses.” -
https://longbets.org/362/ (won by Warren Buffett)
Should New York’s $270B pension fund abandon Wall Street? - https://www.semafor.com/article/08/07/2025/new-york-comptrol... - August 7th, 2025 ("Drew Warshaw is running for New York state comptroller, a job most voters would struggle to define but one that includes oversight of the state’s pension fund. If he unseats 18-year incumbent Thomas DiNapoli, Warshaw’s plan is to move much of its nearly $300 billion of investments into ultra-cheap, passive index funds. The New York State and Local Retirement System has more than $90 billion invested in private equity, private credit, real estate, and other complex assets. All promise high returns — catnip for pension managers facing future payouts to retirees — but charge high fees, too. The question facing New York and hundreds of other state and local pension funds, charitable endowments, universities, and government funds around the world: Are these high-priced managers worth the fees they’re charging?")
What Does Nevada’s $35 Billion Fund Manager Do All Day? Nothing - https://www.wsj.com/articles/what-does-nevadas-35-billion-fu... | https://archive.today/ywTFd - October 19th, 2016
The management fees are, broadly speaking, a grift/rake of capital flows and economically inefficient, based on the evidence and the data. The issue at play is that the capital market ecosystem has become a bureaucracy that demands to continue to grow, versus cannibalizing itself in the name of economically efficient capital allocation.
Tangentially, the markets are moving to more trading (24/7/5) versus less because when trades are made, money is made in a Parable of the Broken Window sort of way by the capital market industry.