> For someone like ray dalio, the fee is nothing. But for a much smaller firm, the $25k/year for just a single unit is not insignificant. That's why hedge fund

> For someone like ray dalio, the fee is nothing. But for a much smaller firm, the $25k/year for just a single unit is not insignificant. That's why hedge funds who actively trade bonds are far fewer than those who trade equities. I can start a stock fund with a phone and a laptop. I can't start a bond fund without paying for Bloomberg.