He never had a rough patch running the Buffett partnerships, or changed structure. He made money every year and his returns were roughly 40% annualized. Source:

He never had a rough patch running the Buffett partnerships, or changed structure. He made money every year and his returns were roughly 40% annualized. Source: I’ve read the partnership letters. And I’m pretty sure 2/20 was already a common fee structure on Wall Street before Buffett started his partnership.