--- title: "Meaning & Key Takeaway of: All the equity investors, in total, will…" description: "\"All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have jointly elected..." image: "https://sms4smile.com/quotes/i/cae/charlie-munger-458_bears_all-the-equity-investors-in-total-will-s_1328072.jpg" --- # All the equity investors, in total, will surely bear a… ![“All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have jointly elected to bear. This is an inescapable fact of life. And it is also inescapable that exactly half of the investors will get a result below the median…” quote by Charlie Munger](https://sms4smile.com/quotes/i/cae/charlie-munger-458_bears_all-the-equity-investors-in-total-will-s_1328072.jpg) [Download](https://sms4smile.com/quotes/i/cae/charlie-munger-458_bears_all-the-equity-investors-in-total-will-s_1328072.jpg) [Open image](https://sms4smile.com/quotes/i/cae/charlie-munger-458_bears_all-the-equity-investors-in-total-will-s_1328072.jpg) > “All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have jointly elected to bear. This is an inescapable fact of life. And it is also inescapable that exactly half of the investors will get a result below the median result after the croupiers' take, which median result may well be somewhere between unexciting and lousy.” [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Investors inevitably pay fees that reduce returns, and about half will underperform the median after those costs. **In simple terms:** Fees cut returns; half underperform median. Key Takeaway Expect drag from fees. Themes investment fees performance statistics Mood cautious realistic Type analytical advisory When to use this quote - portfolio management - retirement planning - mutual fund selection - fee analysis Key Concepts cost of capital median distribution Questions to Reflect On - How can you minimize fee impact? - What alternatives reduce cost? A Different Perspective Fees may not be the only source of underperformance. ★ ★ ★ ★ ★ No ratings yet [Bears](https://sms4smile.com/quotes/about/bears/) [Customer](https://sms4smile.com/quotes/about/customer/) [Equity](https://sms4smile.com/quotes/about/equity/) [Facts](https://sms4smile.com/quotes/about/facts/) [Facts of life](https://sms4smile.com/quotes/about/facts-of-life/) [Investing](https://sms4smile.com/quotes/about/investing/) [Investors](https://sms4smile.com/quotes/about/investors/) [Justice](https://sms4smile.com/quotes/about/justice/) [Median](https://sms4smile.com/quotes/about/median/) [Performances](https://sms4smile.com/quotes/about/performances/) ## Related quotes > [I think good private equity investors create a lot more economic value than they destroy.](https://sms4smile.com/quotes/bill-ackman/i-think-good-private-equity-investors-create-a-lot-more-economic/) [Bill Ackman](https://sms4smile.com/quotes/author/bill-ackman/) > [Private equity investors are an integral part of the economy and should be celebrated for making our country wealthier.](https://sms4smile.com/quotes/joe-lonsdale/private-equity-investors-are-an-integral-part-of-the-economy-and/) [Joe Lonsdale](https://sms4smile.com/quotes/author/joe-lonsdale/) > [To a large extent, equity investors put their hard-earned capital into the hands of management and count on it being employed skilfully and honestly.…](https://sms4smile.com/quotes/whitney-tilson/to-a-large-extent-equity-investors-put-their-hard-earned-capital-into/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > [Founders are usually very stingy with equity to employees and very generous with equity to investors. 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