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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.

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