Buffett Stings Hedge Funds Anew Over Their `Misbegotten’ Rewards

Warren Buffett’s sweeping endorsement of index investing is sure to sting the hedge-fund industry and encourage the stampede into assets that passively track the market. In his well-read annual letter to Berkshire Hathaway Inc. shareholders on Saturday, he estimated that investors wasted more than $100 billion on high-fee Wall Street money managers over the past 10 years.