Owen Rascovich

Yeah.

So one of the things that most people don't realize about leaks is that the investment management agreements.

So the company that, for example, if I gave you that $10,000 earlier on, you might have an agreement to manage that money for a certain period of time.

And that might be five years.

It might be 10 years.

And if you think about it in the scheme of things, you could be just a terrible investor, but you've got a contract.

And unless the company pays you out of that contract, you're going to be continually investing that money and you're going to be collecting very generous fees.

Yeah, that happens on the ASX.

You as the investment manager don't really have to worry about that.

And that's a good thing that you touch on there with the fees.

It's important to know the difference.

If you compare ETF fees to LIC fees, you're not comparing apples to apples.

Sometimes there are fees inside of those things that are a lot different.

And so, you know, you're actually looking at a company, whereas technically you're looking at a trust if you're ETF.

So the slightly different fees.

But it would be fair to say on average that ETFs are cheaper.

Well, they tend to be cheaper.

Yeah.

So going back to our ETF episode and managed funds episode, LICs are definitely more active than ETFs.

So they tend to be actively managed.