When trillions of dollars are managed by high-fee Wall Street managers, it is the managers who reap the outsized profits, not their clients.

management Running the place: an executive's calendar, dissent, severance, and what a manager is actually for.

stock market Equities as a whole: what returns have been, whether prices carry information, and what attention does to them.

investing Putting money into markets on purpose: what a portfolio is for, whether active management earns its cost, and what money is actually a means to.