Investors clearly understand that higher fees can have a negative impact on their
net return, as is evident
in the price
war in mutual fund fees, but a few basis - points difference
in visible fees is far less meaningful
in performance impact than the often - large hidden costs.14 For example, switching from a low - turnover strategy to a sloppily constructed strategy that spends scores of basis points
in incremental
trading costs can cost the investor dearly
in performance.15 The same holds true for the buyers of opaque high - fee products (hedge funds and illiquid private investments), for which substantial costs may be hidden from sight.
The report notes Gulf Coast ports are also winners
in the
trade wars, particularly Port Houston, which was the strongest port - centric industrial market
in the U.S., averaging 2.3 million square feet of total
net absorption over the past 10 years.