Stocks have gone nowhere for a decade, bond yields are near record lows and you couldn't find the return on your money-market fund if you put it under an electron microscope. But the 10 major publicly traded fund-management companies had a combined $21 billion in revenue last year. Their net margins—the percentage of every dollar they take in that turns into pure profit—still are running at up to 25.5%, a rate most businesses could reach only in their dreams.

— Jason Zweig on investment fees  

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