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Clarity comments on [Link] Mutual fund fees - Less Wrong
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Reputation and consistency
Standard&Poor argued in court that no investor is stupid enough to take their claim that they have integrity at face value. Why do you think Novus has a reputation worth trusting?
Because Novus depends on their reputation to make money based on accurate information, whereas S&P make money based on their ability to present information in a charmng light. Different incentives.