You don't have to be camped out with the protesters to be angry at Wall Street.
Contrary to what you may hear, actual capitalists -- those providing capital -- get a raw deal down on the Street of Shame.
Here are five groups that have plenty of cause to march. You're probably among them:
1. Mutual-fund investors
Whether you have $1,000 or $1 million in a mutual fund, you're a capitalist. You're providing America's risk capital.
How does Wall Street treat you?
According to Morningstar, the average money manager skims fees of 1.4% a year from your stock fund, and 1% from your bond fund.
It may not sound like much, but it is. Especially these days, when returns are so low anyway.
Look at the cost over time. Consider someone who invested $1,000 every year for the past 30 years in a balanced portfolio of 60% U.S. stocks and 40% bonds. Today, after paying fees, he or she would have about $105,000.
Sound good? Without those fees, that investor would have $137,000. Wall Street effectively pocketed the remaining $32,000.
The picture is even starker than it looks. After all, you could have ended up with $54,000 just by keeping your money in risk-free Treasury bills.
So your reward for risking your capital was a more modest $51,000.
It should have been $83,000, but Wall Street pocketed nearly 40% of your return.
Further, the true picture on costs is surely much higher. Fees used to be even higher than they are today. And we're not even counting the extra, hidden cost of trading expenses.
Wall Street claims "management fees" are the price you pay for having your risks managed. How'd that work out? In the 2008 crash, the average "actively managed" mutual fund actually did worse than an index fund. So much for that.
2. Anyone with a 401k
Or the equivalent, like a 403b or 457.
Take a look at the mutual-fund "choices" in your retirement plan. Were you offered a gold fund over the past 10 years? No? How about an emerging-markets fund? No? Too bad for you -- those would have boomed. Gold is up 19% a year; emerging markets, 16%.
Instead, I bet they had you in things like "large-cap growth" (up an average 2.4% a year, says Lipper) or "midcap blend" (up 6%).
Or they may have shunted you into "target-date" funds. If you're under 50, these had you heavily weighted toward stocks, on the grounds that those "always outperform" over the long term.
Except when they don't -- like in the last 14 years.
Those target-date funds also have you much more heavily invested in U.S. stocks, which are up about 30% in the past decade, compared with overseas markets, which are up about 150%.
Never mind. Retirement was so overrated anyway.
3. Hedge-fund investors
No kidding. Rich dentists, Internet tycoons, trust-fund kids, even the richest, most "elitist" investors have cause to join the march.
How come? Wall Street has pocketed most of their returns.
Wall Street markets these funds aggressively to the rich and charges them huge fees -- often 2% of assets each year, plus 20% of all profits (if any).
Investors hope they've found alchemists -- people who can turn dross into gold in any market. And, up to a point, they're right. Most hedge-fund managers have indeed found the secret path to riches . . . for themselves.
Continued on the next page. Stocks mentioned: Netflix (NFLX, news), Bank of America (BAC, news), Citigroup (C, news), Cisco Systems (CSCO, news) and Goldman Sachs Group (GS, news)
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