Money spent on plumbers better than on hedge funds, says Warren Buffett

Hedge fund gained about 2% this year through April compared with rise of about 6.5% in S&P 500 Index

Warren Buffett isn’t done criticising hedge-fund managers for wasting clients’ money.

At the annual meeting of his Berkshire Hathaway Inc he again pressed the argument that, in aggregate, investment professionals aren’t worth their fees — and that people would be better off sticking their money in a low-cost index fund. He also challenged how hedge fund managers are paid.

“If you go to a dentist, if you hire a plumber, in all the professions, there is value added by the professionals as a group compared to doing it yourself or just randomly picking laymen,” Buffett, 86, said. “In the investment world it