The world's most famous investor, Warren Buffett, has used his annual letter to shareholders to pour scorn on professional stock pickers, claiming clients have wasted more than $US100 billion in fees over the past decade to pay for poor financial results.
In a wide ranging 28-page essay published on the weekend, the Berkshire Hathaway chairman predicted his firm's stock gains would continue to be "substantial", but "totally random as to timing".
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
