Memorandum
To: Jeffrey Bezos, chief executive, Amazon.com Inc.; Warren Buffett, chief executive, Berkshire Hathaway Inc.; James Dimon, chief executive, JPMorgan Chase & Co.
From: individual investors everywhere
We were excited by the news this week that your three firms are forming “an independent company that is free from profit-making incentives and constraints” to provide consumers “with simplified, high-quality and transparent” services “at a reasonable cost.”
Darn it. For a moment there, we thought you were talking about cleaning up the investment business — perhaps the only area of the economy that can rival health care in complexity, low quality, opacity and unreasonable cost….
Read the rest of the column
This article was originally published on The Wall Street Journal.
Further reading
Jason Zweig, Your Money and Your Brain
Jason Zweig, The Devil’s Financial Dictionary
Benjamin Graham, The Intelligent Investor
Jason Zweig, The Little Book of Safe Money
CEM Benchmarking, The Time Has Come for Standardized Cost Disclosure for Private Equity
Arthur Zeikel, The Future Before Us, Financial Analysts Journal (Sept.-Oct. 1996)
Tren Griffin, A Dozen Things I Have Learned from Jeff Bezos, 25iq.com