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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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 aggregate shortfall is conservative," he wrote in his annual letter, released on Saturday to the shareholders of his conglomerate, Berkshire Hathaway.
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