Buffett Says Hedge Funds Get ‘Unbelievable’ Fees for Bad Results
- Billionaire says pensions, endowments should shun hedge funds
- Wall Street profits through salesmanship abilities, he says
Buffett, Cohen, and Loeb Lead Hedge Fund Attack
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Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., said large investors should be frustrated with fees they’re paying hedge fund managers who fail to match the returns of index funds.
“There’s been far, far, far more money made by people in Wall Street through salesmanship abilities than through investment abilities,” Buffett said Saturday during Berkshire’s annual meeting in Omaha, Nebraska.