Because it leaves only the Market to be Responsible for preformance......Masterful - no Researc is needed - no accountability (liability) - Excessive Fees - Just What WALL Street Likes....
No secret it has been widely adopted by the Industry.
It also meets the You'll be gone I'll be gone Time Horizon requirement that is part of the Culture...
The Retail Model Always Starts the Client in the Hole - They Always get theirs upfront...from limited partnersjips to front end back end fess to High commissions to annunity penalties etc...before the game evens begins...
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