Charlie Munger said a financial adviser's contribution is to take $50,000 of an investor's net worth upfront.
"It’s amazing how hard people make what is a simple game, but of course if they told people what a simple game it is, 90% of the income of people speaking would disappear," he said, saying there was much that people could do themselves.
"I hate to use the example, but you can have monkeys throwing darts at the page, and, you know, take away the management fees and everything, I’ll bet on the monkeys," he added. Berkshire Hathaway Vice Chairman Charlie Munger then shared a joke in which a financial adviser asks for $50,000 of an investor’s net worth upfront, calling it the adviser’s "contribution to your future." Charlie Munger, vice chairman of Berkshire Hathaway Inc., speaks to members of the media during a shareholders shopping day ahead of the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S., on Friday, May 3, 2019.
Buffett himself is predicting a record-breaking crowd of more than 40,000, although Berkshire later put out a statement downplaying that number.
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