Mutual funds charge 2% per year and then brokers switch people between funds, costing another 3-4 percentage points. The poor guy in the general public is getting a terrible product from the professionals. I think it's disgusting. It's much better to be part of a system that delivers value to the people who buy the product. But if it makes money, we tend to do it in this country.
Charlie MungerIf only I had the influence with my wife and children that I have in some other quarters!
Charlie MungerFixable but unfixed bad performance is bad character and tends to create more of itself, causing more damage to the excuse giver with each tolerated instance.
Charlie MungerOne could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work.
Charlie Munger