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20% in good years and 2% in others is quite a bit on top of regular trading fees

It's 20% of returns that exceed 15% so if they don't exceed 15% there is no bonus. The dividend at these prices pays the management fee for me. So if they don't exceed 15% return I pay nothing. If they do generate 25% return then I get a 23% return and they get the difference.

I just got up so managed to get Buffett's words skewed.
For me this is the nice fat pitch rather over the plate. It should be:

For me this is the nice fat pitch right over the plate.
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