good points lind, you can start a fund at any amount $50K if you run yourself IT yourself if you need to EMPLOY financial employees to be involved it jumps to $200k,
however if your savvy educated run it your self with an accountant to do compliance & return. You will succeed as long as you are educated by experiences & do not kid yourself of your abilities.
For beginners who want to replicate a manged fund buy an LIC no fees to sales people from amp cba wbc anz & other financial industry managed fund sharks.
be in cash,,, be invested, Your choice,,,, No choice when invested in funds,,of the mind boggling BUY & hold strategies they employ, thank you for the fees
Cash is good sometimes, being invested fully for 20+ years is a joke
