Transparency, and disclosure are two words that are thrown around a lot, but it has been our experience that it is very difficult to truly understand the fees that an investor pays to work with an investment advisor, money manager or even direct with a mutual fund. This is the first, in a two part series intended to shed light on the investment industry. Warren Buffett (Chairman of Berkshire Hathaway) publishes an annual letter to shareholders where he gives his view of the current investment environment, as well as the operating results of the company he has piloted for the last 40+ years. These letters are archived all the way back to 1977 and are a phenomenal source of insight. The following is an excerpt from the 2005 letter and is an interesting perspective: