Buffett Says Money Spent on Plumbers Better Than on Hedge Funds
- Dentists, plumbers add more value in aggregate, CEO says
- Billionaire advocates index strategy for most investors
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Warren Buffett isn’t done criticizing hedge-fund managers for wasting clients’ money.
At the annual meeting of his Berkshire Hathaway Inc. he again pressed the argument that, in aggregate, investment professionals aren’t worth their fees -- and that people would be better off sticking their money in a low-cost index fund. He also challenged how hedge fund managers are paid.