To my understanding the faded line showing the results of the S&P 500 vs. everyone’s equity curve shows the S&P500 without dividends being reinvested. Correct?
Therefore, if someone started a strategy just holding the S&P 500 and the fee they charged was low enough their curve would eventually look pretty good compared to the S&P 500. Not that there would be any reason to actually do that since no one would subscribe and you wouldn’t provide any benefit to subs if you did. I am just checking myself here.