For investors as a whole, returns decrease as motion increases.
March 9, 2006 6:07 AM Subscribe
How to Minimize Investment Returns. (2.31 mb pdf file, page 18) In Berkshire Hathaway's annual report to shareholders, chairman Warren Buffet, the Sage of Omaha, the Most Successful Investor in the World, the one-time second most wealthy person in America, and advisor to John Kerry's presidential bid observes that "[a] record portion of the earnings that would go in their entirety to owners.. is now going to a swelling army of [brokers, managers, and consultants.]" Buffet warns that "costs are now being incurred in amounts that will cause shareholders to earn far less than they historically have." (emphasis in the original)
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