Charlie Munger

1524.076 - 1549.987 Charlie Munger

Well, they're starting to do it. The endowments have started to say to all these people that charge $3.30 or whatever they charge, they said, we'll pay your $3.30, but we're going to put in twice as much money, and then the next half you'll get nothing on it. You're just going to ride Perry Passu on some of your investments. So the fees go down by 50%. That'll take a lot of the fun out of it.