get about 25% of the return. and wall street puts up none of the capital. takes none of the rick, and gets 75% of the return. if you think that s a good deal, eliot, welcome to wall street. that exactly is the tension, the conflicts of interests that has been adherent in the so many mutual fund companies for decades. exactly. mutual fund history is a big market industry whose objective is to raise the amounts of assets under margaret, stand management, bigger you are, a lot of fee, leverage in the fees and huge economies at scale as you get bigger. the mutual fund industry by and large has not shared the economies to scale with investors, they ve shared it with themselves mgts your notion, teep the fees low to give a bigger return to the investor. scats exact lie right. transaction costs low and get rid of the sales. the index does. every fund in america, buy a vanguard fund that owns the stock market seven basis points no trading costs, high firsty, no lows. a way to capture you
responsibility to get budgets. we ll see how well they do i want to look at what the dynamic will be in january. i m worried about going forward what will the agenda be and looking at both the health care legislation and the wondering whether that will get the requisite funding to create the offices and procedures necessary and also on the wall street side, already there s a list of regulatory stats that should be tegan that aren t being taken because there s no funding. how will this play out? it isn t clear to me. it s certain the republican strategy now is the thing they re against will come to the floor quickly. against financial regulation and health care. exactly right about that. what they re able to do practically to stop it? the government still has to run, agencies still have rule making. not a lot of federal expense at the front end of any of these and all ever the expense of the overall program, it s a net saver to the american people. i m not sure how much they can do, b
whole notion of cutting taxes for the wealthy at this moment in time? well, please. i mean, the idea, honestly of holding the unemployment benefits to people who haven t been working some for a long time, probably 20 million of them for seer o income they want jobs for zero income, earnings to fave the top 1% and more likely the top 1/10 of 1% or top 1/100 of 1% of top purpt abusive, counter productive, economically incorrect and even worse, eliot, i can vie higher, contrary to the spirit of the constitution of the united states of america which does, don t forget, says something about promote the general welfare. and you are a wall street guy saying all this? yeah. isn t that amazing? jack i want to tell you it saws a pleasure to read your books to hear you speak.
position in which our nation finds itself. and what is your view of this whole notion of cutting taxes for the wealthy at this moment in time? well, please. i mean, the idea, honestly of holding the unemployment benefits to people who haven t been working some for a long time, probably 20 million of them for seer o income they want jobs for zero income, earnings to fave the top 1% and more likely the top 1/10 of 1% or top 1/100 of 1% of top purpt abusive, counter productive, economically incorrect and even worse, eliot, i can vie higher, contrary to the spirit of the constitution of the united states of america which does, don t forget, says something about promote the general welfare. and you are a wall street guy
not choosing the right strategy. when we come back first week in january it s going to be their responsibility to get budgets. we ll see how well they do i want to look at what the dynamic will be in january. i m worried about going forward what will the agenda be and looking at both the health care legislation and the wondering whether that will get the requisite funding to create the offices and procedures necessary and also on the wall street side, already there s a list of regulatory stats that should be tegan that aren t being taken because there s no funding. how will this play out? it isn t clear to me. it s certain the republican strategy now is the thing they re against will come to the floor quickly. against financial regulation and health care. exactly right about that. what they re able to do practically to stop it? the government still has to run, agencies still have rule making. not a lot of federal expense at the front end of any of these and all ever the expense of th