Scamming Seniors Is a Growing Problem. Wall Street Wants Washington to Stop It

Of course, the biggest scam affecting seniors (and most investors) is the Wall Street business model that is based on taking 2% per year in “fees, commissions, and trading costs” from the average customer. That costs you about half your wealth over a 50-60 year investing lifetime (i.e., 25-30 years saving for retirement, and “God-willing”, 25-30 years spending the money in retirement.) Relatively few investors find their way to an almost “skim-free” S&P 500 index fund where their wealth would remain intact.

Scamming Seniors Is a Growing Problem. Wall Street Wants Washington to Stop It. | Barron's

Case in point is that article in the WSJ a few weeks ago where a reporter asked a couple of Finance Professors to calculate how much BRK would be worth today if Warren Buffett operated it with hedge fund fees since it opened in 1966 rather than the low-fee investment entity it is.

Answer: Buffett would $300 Billion richer, his investors $300 Billion poorer having lost 90% of their wealth to the “2% of assets, plus 20% of profits” hedge fund fee structure.
https://www.wsj.com/finance/investing/theres-more-to-warren-buffetts-game-than-just-picking-great-stocks-7b58fe86?mod=djintinvestor_t

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