What? I fully read the article and also Matt Levine&#x27;s take. [0]<p>I&#x27;m well aware what a mutual fund is and, for the record, think this case is pretty stupid and unlikely to be won. But it&#x27;s important to understand that there actually <i>are</i> tax principles in play here.<p>Have you heard of transfer pricing? I suggest reading anything.<p>[0] <a href="http:&#x2F;&#x2F;www.bloombergview.com&#x2F;articles&#x2F;2015-11-25&#x2F;calpers-fees-and-culture-consultants" rel="nofollow">http:&#x2F;&#x2F;www.bloombergview.com&#x2F;articles&#x2F;2015-11-25&#x2F;calpers-fee...</a>