With the arrival of DFA at rock bottom prices, it shows that you have two choices. You can go for scale or not.

If you play the scale game, you have to be low cost (Wal-mart).

Asset management was unique in that it tricked people that you could be scale AND high cost (quality)
The transparency of ETFs has forced a reckoning on that idea though.
THe proper evolution of most firms is concentrated strategies. Then as you attract AUM due to your performance, you scale out the strategies.

Basically Berkshire Hathaway.

Many asset management firms kept prices high after scaling out capacity.
This isn't unique to the asset management for being the proper/typical evolution of business.

Think of all the things you love that were one time niche producers. As they became national brands, the quality probably went down! Hopefully their price did too!
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