The bottom line: When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients,” Buffett wrote. “Both large and small investors should stick with low-cost index funds.”
http://www.cnbc.com/2017/02/26/3-ways-to-invest-like-warren-buffett.html
https://www.bloomberg.com/news/articles/2017-02-27/buffett-stings-hedge-funds-anew-over-their-misbegotten-rewards
