A Journal of People repor
Billionaire Warren Buffett delivered a black eye to the investment industry recently.
Media reports said:
“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,” Buffett said in his annual letter to shareholders.
“Both large and small investors should stick with low-cost index funds,” he added.Buffett, 86, is the world’s one of the richest persons. Known to fans as “the Oracle of Omaha,” he estimated that the search for outperformance has caused investors to “waste” more than $100 billion over the past decade.
Buffett, a vocal supporter of Hillary Clinton, did not mention U.S. President Donald Trump by name in his letter.
He said the future of American business and markets is bright.