Buffett charged no annual fee when he ran his partnerships. He took a 25% profit share, but only after investors earned 4% a year first. Nominally it was a 0/25 deal vs, typical hedge funds 2/20, but the 4% hurdle makes it even better. It was the second best deal in financial management history.

The best deal in history has been Berkshire Hathaway. He charges no fees, zilch, only a nominal salary ($100k iirc). If Warren had carried forward his incrediably investor friendly 0/25 deal he'd have ended up being far richer.