Iconic investor Warren Buffett, chairman and CEO of Berkshire Hathaway, calculates that the wealthiest investors have lost billions in search for superior returns in the market.
“The wealthy are accustomed to feeling that it is their lot in life to get the best food, schooling, entertainment, housing, plastic surgery, sports ticket, you name it. Their money, they feel should buy them something superior compared to what the masses receive.”
“In many aspects of life, indeed, wealth does command top-grade products or services. For that reason, the financial ‘elites’ — wealthy individuals, pension funds, college endowments and the like — have great trouble meekly signing up for a financial product or service that is available as well to people investing only a few thousand dollars,” he added.
Unfortunately, paying up for “superior” investment advice rarely comes with superior returns. READ MORE: http://finance.yahoo.com/news/buffett-wall-streets-promise-for-superior-returns-have-cost-you-100-billion-153123945.html