The article says: "investors greatly prefer paying indirect fees, through opaque arrangements, to paying explicit costs". This is not true. Investors prefer pa

The article says: "investors greatly prefer paying indirect fees, through opaque arrangements, to paying explicit costs". This is not true. Investors prefer paying indirect, opaque fees to paying explicit fees AND indirect, opaque fees. They simply assume that they are being charged the opaque fees no matter what. As this article demonstrates, they are generally correct about that.