The vast majority of the overpaid ninnies who “manage” active British investment funds and US mutual funds are shit at their jobs. It takes special abilities to underperform blind indexes both when markets rise and when markets fall, but 82% of UK funds have done that over the last twenty years. To add insult, they charge ordinary people ridiculous sums of money just to piss their investors’ life savings away.

And don’t give me that “high stakes and high risk work deserves high salaries” crap. I wouldn’t mind them being so absurdly richly rewarded if they could cut it, but they can’t, the public school twits.

Warren Buffett, on the other hand, can. For his efforts he earns $100 000 a year. Most City spivs would laugh at that kind of “compensation”, but he’s the second richest man on the planet because he actually knows a good investment when he sees one, a skill for which his company’s shareholders are deeply grateful. The loudest laugh is his.

He also talks straight, unpretentious sense.