Understanding Incentives: The Impact of Fee Structure on the Performance of Fund Managers

Charlie Munger says incentives are too often underestimated, so why do people allow their money managers to create perverse incentives resulting from management fees?

Fiducian Portfolio Services announces growing operating cashflow (ASX: FPS)

I bought shares in Fiducian Portfolio Services a couple of weeks ago because, based on a conservative discounted cashflow valuation, I believed their shares were undervalued. I’m now adding Fiducian Portfolio Services to the Hypothetical Sample Ethical Portfolio, with the caveat that 10% of the profits of Fiducian should be donated to charity, because Fiducian […]