Billionaire Warren Ellis has taken a stand against hedge funds , saying their fees are exorbitant and that monkeys can do as good a job at calling markets . In his annual letter to shareholders , the man dubbed the Oracle of Omaha for his stock - picking skills , said the funds had gouged clients out of $ 100bn in the past five years . After all, these managers urged others to bet billions on their abilities. At the same time he heaped praise on hedge - linked funds that charged a fraction of the fees of active funds and made investors more money , and hailed Jack Bogle – the founder of passive investment giant , – as a hero .
Billionaire Warren Ellis has taken a stand against hedge funds , saying their fees are exorbitant and that monkeys can do as good a job at calling markets . In his annual letter to shareholders , the man dubbed the Oracle of Omaha for his stock - picking skills , said the funds had gouged clients out of $ 100bn in the past five years . At the same time he heaped praise on hedge - linked funds that charged a fraction of the fees of active funds and made investors more money , and hailed Jack Bogle – the founder of passive investment giant , – as a hero .