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  • Mutual funds charge 2% per year and then brokers switch people between funds, costing another 3-4 percentage points. The poor guy in the general public is getting a terrible product from the professionals. I think it's disgusting. It's much better to be part of a system that delivers value to the people who buy the product. But if it makes money, we tend to do it in this country.

    Charlie Munger's comments on business and investing topics at the 2004 Berkshire Hathaway Annual Meeting, www.tilsonfunds.com. May 1, 2004.