What we were really providing
investors was a level of discipline that few
individual investors can muster over time —
by adopting a long term asset allocation strategy and using low cost investment vehicles, our long term performance was always going to be better than the average
individual investor who tends to time markets and chase performance, with little understanding of the costs they are
incurring.
By the time that a real estate investment opportunity moves from the private market player at the beginning of the value chain to the
individual investor at the end, its earning potential has diminished for the end
investor, as it has already
incurred several sets of fees, expenses, and markups.