Seriously, costs matter. For example, equity mutual funds incur corporate expenses - largely payments to the funds' managers - that average about 100 basis points, a levy likely to cut the returns their investors earn by 10% or more over time. Charlie and I make no promises about Berkshire's results. We do promise you, however, that virtually all of the gains Berkshire makes will end up with shareholders. We are here to make money with you, not off you.
---------Warren Buffett’s Letters to Berkshire Shareholders, 1996.
華倫·愛德華·巴菲特（英語：Warren Edward Bu ... 閱讀更多