One of our founding ideologies is transparency, and we even use this image of binoculars as a reminder of its importance. Transparency is a unique concept in our industry because the bulk of investors have none. The big brokerage houses provide their clients little or no information on fees, returns, or portfolio allocations, and they’re happy doing so to keep a shroud of mystery over how much their clients are overpaying to underperform. This month’s newsletter focuses on various issues around transparency and our take on the topic.