Words to Remember
Small Change Keeps Getting Smaller 🧠
“A nickel ain't worth a dime anymore.”
Why we ran it
New sports funds promised access to the high-performing world of team ownership, but their fees ran as high as 4.1% per year, outpacing the slim historical edge most franchises held over the S&P 500. NBA teams, for example, beat the S&P by just 2.9 points annually. Berra's comment on shrinking purchasing power captured how aspirational returns can disappear after costs and complexities.
From the October 23, 2026 issue: Buying Into The Big Leagues →