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My friends at St. Louis-based Buckingham Asset Management recently issued a paper which quoted from Berkshire Hathaway's 2004 Annual Report, and that as we all know, means Warren Buffett:

"Over the past 35 years, American business has delivered terrific results. It should therefore have been easy for investors to earn juicy returns. All they had to do was piggyback Corporate America in a diversified, low-expense way. An index fund that they never touched would have done the job. Instead, many investors have had experiences ranging from mediocre to disastrous. Investors should remember that excitement and expenses are their enemies."

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