For those familiar with Ken Heebner's investment style--which includes big (and frequent) movements in and out of sectors--the title of this post may not come as too much of a surprise.
But just how much do brokers such as Citigroup and Merrilly Lynch like Heebner? That's impossible to tell. However, according to a recent report by Bloomberg, Heebner gave the brokers 71 million reasons to like him. And they could count all those reasons in dollars.
The huge commissions paid to brokers was, of course, partly due to his trading style and partly due to the need to meet redemptions (discussed here).
In any case, those are big numbers, and they definitely put a drag on performance. It's a good thing Heebner's brain travels at the speed of light.