Jason

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My take on Mr. Buffett’s fee structure was that it was very fair. If stocks on average deliver 10 percent a year, the typical mutual fund investor would net about 8.5 percent, the typical hedge fund investor would net about 6.8 percent (assuming a 1.5 percent and 20 percent structure), and an index fund investor would net around 9.7 percent. In this scenario, an investor in the Buffett Partnerships would net 9 percent—higher than virtually all active management options.
The Dhandho Investor: The Low-Risk Value Method to High Returns
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