The percentage is the least important number in a management agreement. What matters is what it applies to, when it resets, and who records the baseline. Here is the fee maths nobody walks you through.
21 min read
Nobody trades your account for free. Some no-upfront managers earn honestly from a profit split; others get paid through spread markups, broker rebates, or churning your balance. Here's how to trace where the money actually goes.
21 min read
Two short clauses decide whether you ever pay twice for the same profit. Here is how high water marks and hurdle rates actually work, the loopholes that gut them, and the questions that expose a bad agreement.
21 min read
Two managers can quote you 'twenty percent' and cost you wildly different amounts. Here is every fee model in the industry, worked in real dollars on the same $5,000 account.
20 min read
