Wednesday, May 10, 2006

Warren Buffett on Professions

"The activities of most professions are safe and necessary. If your wife is going to have a baby, it’s better to call the obstetrician rather than try to deliver it yourself. Most professions add value. But the investment profession does not do that, in aggregate. It makes $140 billion per year, and it basically does the same thing that one person could do if he spent ten minutes per year thinking about his investments. I can’t think of another business like that. Plus, the business is unique in that, the more you charge, the more money you bring in." said Warren Buffett.

Berkshire Hathaway Annual General Meeting May 6, 2006

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