Good article on Warren Buffett's view of the stock market in Fortune's Nov. 22, 1999 issue. It's available online at:http://www.pathfinder.com/fortune/1999/11/22/buf.htmlTwo comments from Buffett that really stood out.(1) He expects only a 4% real return (6% if you don't adjust for inflation) for the stock market over the next 17 years. The last 17 years (1982-1999) have seen something like 17%-18% per year on average.(2) The Fortune 500 earned about $334 Billion in 1998 and Buffett estimates that investment costs (fees, commissions, bid-asked spreads, wrap account fees, etc.) total about $130 billion per year. Investors, as a group, are giving away more than one third of their investment returns to their "advisors."intercst
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