peppermintpatty wrote,there are many people who have no interest or desire to do the research necessary to purchase stocks (just like I have no interest in changing the oil in my car - I know how, but I prefer to pay someone else to do that chore); they prefer to hire someone to manage the money. Sure, they could improve their yield by doing it themselves, but everyone sets priorities!I agree with your view on oil changes, but an oil change is less than $20. If someone had a $1 million portfolio and invested it in annuities, the 2% annual expense ratio would be $20,000 per year. That's the price of a big, painful "lube job."One can easily limit the fees and commissions on a $1 million Foolish Four portfolio to less than $100 per year.intercst
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