Firstly the WAM funds and other newer funds are not 2 %, but around 1%.
Secondly AFIC, Argo etc do NOT invest like Buffett, but just hug the index and are loaded full of banks, Telstra, Bhp and wesfarmers.
I believe we can do a lot better than the crappy Aussie index, and Buffet's fund Berkshire Hathaway has generated 20%p.a compound long term returns investing in companies with no resemblance whatsoever to the index. He certainly would not be interested in our pathetic Aussie index which is about 50% only 10 stocks and has a lot of large poor performers
