From the linked article in question: “Buffett's ultimately successful contention was that, including fees, costs and expenses…” Most good research that I’m aw

From the linked article in question: “Buffett's ultimately successful contention was that, including fees, costs and expenses…” Most good research that I’m aware of includes fees in the comparison because they can significantly erode returns. (Maybe somewhat less of an issue now that most brokerage now offer no-fee ETF trading). Not including fees and expenses is just a marketing tactic.