Quote of the Day
"Frankly we expect to see assets move from human managers to machine managers. We also expect to see assets moving from high fee managers to lower fee managers or lower fee vehicles. And in some cases, assets moving from vehicles with lots of liquidity to assets with less liquidity. But I do think, I think fundamentally, when you have an industry which has underperformed the market averages and charges 2 and 20, there is going to be a lot of fee pressure on a lot of managers."(Tony James of the Blackstone Group)
Chart of the Day
Why we shouldn’t be surprised gold has rallied in the face of lower real yields.