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Stockholders' Questions Answered at Berkshire's Annual Meeting [view article]
I was present at the meeting in 2007. I wanted to make one point of clarification on his response to the question about hedge fund fees.
While Mr. Buffet has historically railed against aggregious fees in the industry - he made a very specific and important departure from his normal "script" when answering this question last April.
At the 2007 meeting, Mr. Buffet took a slightly softer stance than normal on the issue of fees. He proposed that one look at returns NET of all fees charged by the manager. If those net returns were consistent with a mandate set by the client, and were managed by (in his words) "good stewards of capital" - then the fee in those returns was probably justified.
I believe this is one of the best responses to the fee question I have heard in a while. Mar 08 01:50 PM

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