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Fees Eat Diversification’s Lunch

http://www.top1000funds.com/wp-content/uploads/2015/01/Fees-eat-diversifcations-lunch.pdf

"Diversifying into more-exotic asset classes comes with different price tags. We consider investment management fees relative to various asset classes’ diversification benefit. We show that the fees on diversifying as- set classes are astonishingly high relative to their diversification benefit."
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