Poof: $100 billion disappeared.
That's the figure that Warren E. Buffett recently calculated that pension funds, endowments and wealthy individuals have lost over the last decade to hedge funds and other money managers that charge sky-high fees.
“I believe my calculation of the aggregate shortfall is conservative,” Mr. Buffett wrote in his annual letter, released on Saturday to the shareholders of his conglomerate, Berkshire Hathaway.
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