1 Page Transcript from 1997 Berkshire-Hathaway-Annual-Meeting, when Warren Buffett boldly claimed, Mutual Fund Managers have “gotten a lot for nothing”.
Important: He is not just talking about US Mutual Fund Industry.
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A financial advisor that charges an annual fee of 1% on assets under management
Essentially takes 50% of your dividend income, if your portfolio yields 2%
That's substantially worse than the highest rate on qualified dividends of 23.80% today
Few understand this
I agree with this
Essentially takes 50% of your dividend income, if your portfolio yields 2%
That's substantially worse than the highest rate on qualified dividends of 23.80% today
Few understand this
I agree with this
After 34 years in the business, I just can\u2019t get my head around how an adviser can justify charging a client any more that $2,000 per year for financial advice, and 0.25% per year for asset management if needed. There may be outliers that cost more, but those are the expectation.
— Rick Ferri (@Rick_Ferri) June 15, 2021
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