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 .
Billionaire Warren Buffett has taken a swipe against hedge funds, saying their fees are exorbitant and that monkeys could 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 10 years. At the same time he heaped praise on index-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 Vanguard – as a hero.