Who actually makes the money

This is a condensed, plain-English version of a longer research piece. The long version has the academic citations, the detailed methodology, and the parts of the argument I cut for length — it lives at long.html.

Numbers are 2024 unless otherwise stated. Sources include 2024 annual reports (ICE, MSCI, Berkshire, Apollo, Blackstone, JPMorgan), SPIVA / S&P scorecards, and academic decompositions (Frazzini-Kabiller-Pedersen on Buffett, AQR on PE replication, Phalippou on PE-vs-public).