30.3 mt @ 1.70% cueq, page-145

Retiree, a massive thumbs up from me!

I don't know how it works in Australia, but here in Hong Kong, all working residents are required to pay up to 5% from their earnings into a "Mandatory Provident/Retirement Fund". it was the government's gift to the banks in return for deregulating the banking system. no matter what happens to the invested money, the banks and fund managers always get a cut, *before* money is made or lost. so I completely understand what you're saying.

these days, very few fund managers are there to help their clients make money, and very few do their own research. they rely on insider tips from people working at the companies traded, hoping to give their top-tier clients an advantage before telling anyone else, and when companies refuse to provide those insider tips, the companies are treated with contempt by the funds and the brokers.

cheers.