The fixed investment mandates of mutual funds and the pressures put on portfolio managers to deliver short-term gains take a head-turning toll on gains. Just take a look at the 20% annualized gains of Berkshire Hathaway over its 45 years of existence.

The only two mutual funds to come even close, The Wall Street Journal notes, are Fidelity Magellan, returning an average of 16.3% a year, and Templeton Growth, offering up 13.4%.

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