What if Berkshire Charged 2 and 20?

[weighingmachine]

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If you’d invested $1,000 in the S&P 500 in early 1965 when Buffett took over at Berkshire, you’d have a bit over $300,000 today. If you’d bought Berkshire instead, you’d have more than $42.5 million—a big reason why tens of thousands of adoring shareholders will gather in Omaha this weekend to hear Buffett hold court.

 

If, on the other hand, Buffett had charged hedge-fund fees, you’d have under $5 million—still far more than the market, but about 90% less than Berkshire’s actual results."

 

https://www.wsj.com/finance/investing/theres-more-to-warren-buffetts-game-than-just-picking-great-stocks-7b58fe86