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Buffett: $100 Billion Has Been Wasted on Investment Fees

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Image: Buffett: $100 Billion Has Been Wasted on Investment Fees

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 $100 billion over the past ten years.

“When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients,” he wrote.

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