Competition among funds has failed to curb their operating costs, which amount to a steep 3% of wages in some countries: instead of competing on price, the firms have spent heavily on advertising and sales agents.

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As you mentioned, Apple makes a huge amount of its operating profit on the iPod player, so we can expect the company to take this very seriously.

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Private schools, which rely on tuition for a substantial amount of their operating budget, have different financial models from public schools, he said, and they need to lock in their enrollment numbers early.

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