(https://www.marketwatch.com/story/blackrock-profits-jump-as-assets-under-management-hit-a-record-15-trillion-8e6fd54b?mod=mw_rss_topstories) and everyone's acting like it's a bull signal. But here's what the spreadsheet actually says: fee revenue per dollar of AUM has been in freefall for a decade. More assets under management at lower fee rates isn't growth—it's managed decline with a better headline.

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