We have created sector heads within the career management center with a responsibility for building and maintaining organizational relationships on an institutionalbasis.
We chose to take a conservative view, using the most recent reported institutional transaction as the basis for valuing the company and its sandal-sporting, hoodie-clad chief.
Even investors who have access to 0.46% institutional shares through an adviser should be counting their basis points against the 0.55% charged by the exchange-traded fund.
There are economies of scale in oversight: While 10 or 20 basis points spent on oversight costs for a very large institutional investor might be prudent, that may be woefully inadequate for a smaller entity that is pursuing a high equity and highly diversified strategy.