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Keeping with this theme, the Oracle of Omaha has repeatedly advised investors to consider passively managed index funds with low managementfees and that track a broad range of fundamentally sound businesses. Over the past 10 years, VOO has generated a total return of nearly 200%. That's wild in some respects.
Keep in mind, between 2013 and 2019, our average NPL ratio was 107 basis points. Our average net charge-offs from 2013 to 2019 were 46 basis points. And finally, wealth management had maybe the best year it's had, certainly in some time, and we expect wealth managementfee revenue to continue to grow in 2024.
We effectively managed our discretionary spend in 2023, and we'll continue to be disciplined in focusing our resources in areas with the greatest opportunity. increased by 40 basis points year on year as we continue to drive operating leverage and profitable growth after the market shock of 2022. In 2023, we returned over 4.5
The company started in 2013 at Fortress to take advantage of dislocations in the MSR market as banks were selling MSRs to Basel III capital constraints. As we look at Great Ajax, it's a platform that's going to be externally managed, assuming that shareholder vote is affirmative for us.
Managing CPP Investments Costs Discipline in cost management is a main thrust of our public accountability as we continue to build an internationally competitive enterprise that seeks to create enduring value for multiple generations of beneficiaries of the CPP. Our original investment was made in 2013. To generate $46.4
Managementfees increased by $165 million, due to an increase in average assets managed by external fund managers. Other categories affecting our total cost profile include taxes and expenses associated with various forms of leverage. Our original investment was made in 2013. bps and up marginally from 27.1
We began the company in 2013 while at Fortress to acquire MSRs from banks as Basel III capital rules made them too costly for banks to hold. That is an external managed vehicle. So, managementfees as we grow that will feed to the bottom line. There is a managementfee and a promote. Good morning, guys.
Leverage buyouts requires leverage. And when rates were so low, the leverage went, it was cheap and, and and easily accessible. 00:41:54 [Speaker Changed] That was in an Asian manager in 2013. But I will say the average discount these days, the best private equity fund managers do not trade at discounts.
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