Buffett offered three fee models for investors to choose from when he managed private equity funds in the early days:

1. Model One: No fees for investment returns below 6%, and a 33% profit share on amounts exceeding 6%.

2. Model Two: No fees for investment returns below 4%, and a 25% profit share on amounts exceeding 4%.

3. Model Three: A direct charge of 16% of investment returns as a management fee.

If there were losses in the previous year, the current year's profits would first deduct those losses before calculating fees. In addition, his funds had almost no custody fees and returned 4% dividends to investors at the end of each year.

It is important to note that these fee standards represent Buffett's early private equity model, which is different from the operating model of Berkshire Hathaway today. Nowadays, Berkshire Hathaway does not charge fund management fees but instead profits through investments and operating subsidiaries. $ETH