industry that lived up to its ideas. that was put the shareholder first. >> by shareholder, the investor? >> the mutual fund investor first and run your funds in the most efficient, honest and economical way possible. don't mant a make, i said then to think you can beat the market index. >> the next to, keep fees and courts low? >> and invest for the long term and put the shareholder -- you make a decision. don't make it for the manager, but for the shareholder. >> explain why the issue of fees is so important. >> the reason it's important is, in a simplified way, if the market, gives an 8% annual return, all investors groups divide up 8%. okay. not complicated. wall street take, the mutual fund money managerers and traders, lawyers and the whole constellation. >> deciphers who feed off this. >> feeding away. the rent seekers, they call them. they take about 2% out of that. 8%, leaving you with 6%. if you compound that over a lifetime that means that you put up 100% of the capital. you took 100% of the risk and
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