Foundation brief / July 25, 2026
Is what Wall Street sells you worth what it costs?
Sensible Investor is being built to examine funds, portfolios, fees, and the decisions investors make around them. A first rating will publish only after its filing sources and calculation have cleared review.
See the work in progress01 / The working premise
A filed expense ratio is one line, not a verdict.
An expense ratio is one line in a filing. It says little about whether a fund delivers a meaningfully different portfolio, duplicates what an investor already owns, or earns its cost.
The proposed Closet Index Registry will test that question against public filings. A separate Fee Drag Registry is intended to show how filed costs compound over 10, 20, and 30 years under disclosed assumptions. Those projects remain proposals until the source coverage and calculations have been checked.
02 / Current status
Fund figures wait for source checks.
The next work is to test public-filing coverage and calculation cost. Search indexing is disabled in page metadata and response headers during that review.