I am indebted to a columnist on the Evening Standard for digging up the following story.
The great writer George Bernard Shaw once asked a pretty girl if she would sleep with him for a thousand pounds. She apparently blushed but intimated she might do. “How about five shillings?” asked Shaw (25p in today’s money). “What do you take me for?” replied the woman. Says Shaw: “We have established that, we are just haggling over the price.” What has this got to do with our industry? Fund pricing. The past 12 months has been all about clean and super clean, which are descriptions for funds that are essentially the same but offered at different prices. To use the Shaw analog...
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