Hedge Funds, Buffett, and Dumb Luck
By: Matt Garrott As usual, Warren Buffett’s letter to shareholders of Berkshire Hathaway is a must-read. It is well known that he advocates low-fee indexing for most investors. As his famous bet with a hedge fund of funds manager winds down, Buffett unleashed both barrels on high-fee money managers: “The underlying hedge-fund managers in our [...]