Billionaire businessman Warren Buffett recently gave his legendary annual address to shareholders—where he stated that his preferred financial strategy was to buy a variety of stocks and hold on to them.
This article by Jason Koebler, writing for Vice, makes the following points:
- Buffett’s point was that it’s difficult to pick winning stocks, and financial advisers take fees from clients that often eat a sizable portion of any investment gains.
- Buffett famously bet $1 million that the S&P 500 index fund of the top 500 companies in the United States would outperform a hedge fund’s active trading strategy over ten years—he won the bet.
- Buffett is considered a kind of deity among many financial media who use what he says as the basis for the advice they give to millions of people.
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