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Warren Buffett on why Big Money is losing big sums to managers who charge big fees

He takes another swipe at money managers in letter to shareholders

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Mr Buffett put it down to something like this: When a person with money meets a person with experience, the one with experience ends up with the money, and the one with money leaves with experience.

POOF: US$100 billion disappeared.

That's the figure that Warren Buffett recently calculated that pension funds, endowments and wealthy individuals have lost over the last decade to hedge funds and other money managers that charge sky-high fees.

"I believe my calculation of the

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