> is barely any more "effort" than buying and holding SPY, as the work is being entirely delegated
Effort is translated to money e.g. you do it yourself or you hire someone to do it; someone is spending that large amount of effort that is valued at millions of dollars/year.
If SPY is so great, then wealthy people would've just bought SPY.
But that's not what they are doing. They pay fund managers top money (think top 0.1% earner) to invest for them.
> Many strategies are dependent on that level of wealth (or designed to address problems that only apply to that level of wealth) for tax-related reasons.
Their main goal is to grow the funds. Tax-saving is secondary at best. Nobody would be okay with shrinking the fund to acquire tax-saving lol.
Effort is translated to money e.g. you do it yourself or you hire someone to do it; someone is spending that large amount of effort that is valued at millions of dollars/year.
If SPY is so great, then wealthy people would've just bought SPY.
But that's not what they are doing. They pay fund managers top money (think top 0.1% earner) to invest for them.
> Many strategies are dependent on that level of wealth (or designed to address problems that only apply to that level of wealth) for tax-related reasons.
Their main goal is to grow the funds. Tax-saving is secondary at best. Nobody would be okay with shrinking the fund to acquire tax-saving lol.