Deals
Buffett Says $100 Billion Wasted Trying to Beat the Market
- Berkshire CEO: Jack Bogle, indexing pioneer, is a ‘hero’
- Investment managers, not clients, reap rewards, Buffett says
Buffett Renews Criticism of Hedge Funds in Annual Letter
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Billionaire investor Warren Buffett devoted a substantial portion of his annual letter to deepen his long-running critique of investment fees.
Over five pages, he updated Berkshire Hathaway Inc. shareholders on a bet made almost a decade ago that a low-cost fund that passively tracked the S&P 500 Index would outperform a basket of hedge funds. He also laid anew into the rich for being suckered by Wall Street investment advice, which he estimated has wasted more than $100 billion over the past ten years.