Seems like sometimes all these guys want is to churn your accounts for commissions and nothing else. Which is probably why Buffett won. He won on basic strategy and not commissions...

"investment professional could pick a portfolio of at least 5 hedge funds that would outperform a low-fee S&P 500 index fund over the subsequent"

Amazing!

I recall at one point the Treasury Strips they put their antes in, far out performed either investment. Ironic isn't it.

I see they then moved that into Berkshire Hathaway stock, not an index or hedge funds.

In 1999 I had a Wells Fargo "investment advisor" tell me I was foolish to pay off my mortgage. I should instead, get a second mortgage and invest that money in a coupe of tech (dotcom) mutual funds through him. I let him sell for a while before I asked why a front loaded fund was a good choice for me. I asked him why did he say the funds earned 15% per year when there was no guarantee they would earn that in the future. This would have been a disaster for me financially. I would have lost the house and everything else due to the dot com crash and my subsequent unemployment.

After nearly an hour of this nearly criminal nonsense, I used his expertise to close my account there.

I knew he was giving me bad advice so he could get commissions, but wonder how many people were hoodwinked.

When I converted my 401K to an IRA and then moved it to Vanguard, the advisor recommended funds of stock indices and bond indices. US and foreign. It has worked well.

I'm in all cash, think markets are too high, have been for a while, and probably due for a correction anyways, been overheating for some time now. House is paid off, and I enjoy paying myself the interest that would have gone out the door to someone else instead of me.

Thank god you did what you did and saved yourself!! Smart!!