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How much do financial management fees cost investors? This article studies an approximate formula for the cumulative costs of annual Assets Under Management (AUM) fees. The formula states that an investment paying an annual fee of $ε$% of AUM over $N$ years loses almost $Nε$% of its value, compared to an investment with the same returns paying no fee. The article explains this formula intuitively, derives it analytic…
We propose a new approach to model rainfall by combining heterogeneous data sources at different time scales. Continuous arrivals of rain cells are incorporated into a Hawkes process formalism that encompasses the classical Bartlett-Lewis and Neyman-Scott models, thereby providing a more flexible representation of clustering. Analysis of high frequency rainfall data (at the minute scale over several years) indicates …
Motivated by Kyle (1985) informed order flow and the Meiklejohn et al. (2013) wallet-clustering tradition, we ask whether persistent coordinated wallets causally raise first-hour buyer flow on the Solana pump.fun bonding-curve marketplace. Using 1,578,333 buyer observations from 166,098 launches over 13.4 days (2026-06-11 to 2026-06-25), a two-stage detection pipeline (intra-launch first-buyer-window extraction plus …
How much money a program can run before it is the market — position limits, ADV caps, and the point where adding AUM only buys slippage.
The expense ratio is annual fund costs as a percent of AUM — the fee drag you pay whether the manager is right or not.