Bloomberg Businessweek

The Master Chides His Students

Warren Buffett says he thinks money managers charge too much | “That’s got to sting, especially for Buffett fans”

Frank Byrd was a 25-year-old stockbroker at Merrill Lynch in Memphis when he first read Warren Buffett’s annual letter to Berkshire Hathaway shareholders. He recalls thinking, “It’s the first thing that I read that I said, ‘This makes sense.’” Byrd had noticed that his clients who did the best in the market hardly ever traded; like Buffett, they bought stock in companies they admired and stashed it away for years. “I knew it wasn’t theory,” he says. “I knew it worked.” He later decided to study investing at

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