That creates some interesting situations like charging too little: “VGI provides services to the Funds “at cost”, i.e., without charging an arm’s length profi

That creates some interesting situations like charging too little: “VGI provides services to the Funds “at cost”, i.e., without charging an arm’s length profit. VGI is a C corporation and the Funds are Regulated Investment Companies (RICs) not taxable at the corporate level, so this situation results in avoidance of billions of corporate taxes.” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2666426 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2666426