You are a good example of an uneducated man trying to make an educated argument.
It's called Cartesian Logic. Verwood was educated. Verwood was evil. Therefore educated people are evil.
But uneducated people lack the education to see the logical fallacy in this argument.
So Mother Theresa was educated. By your Verwood logic, was Mother Theresa evil? Clearly not. She was a Saint.
Therein fails your logic about educated people and leadership.
Are you an educated person?
I have run the numbers correctly.
You are probably under estimating the opportunity cost of the compounded tax shield in the RA in your numbers.
The one factor which will favour your view is Regulation 28 which restricts the investable universe but otherwise for the same investment RA is better.