RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: Buffett's S&P 500 bet gains ground Thu Mar 22, 2012 3:57 am | |
| Billionaire Warren Buffett's chances of winning a bet that the S&P 500 stock index will outperform a collection of hedge funds are improving, but Buffett still trails the money managers four years into the 10-year bet.
Buffett has long been critical of hedge funds because of the high fees they charge investors, so Berkshire Hathaway's chairman and CEO wagered that an S&P 500 index fund would beat any 10 hedge funds over a decade if all the fees were included.
Buffett made the bet in 2008 with the money managers who own Protege Partners LLC. The winner will be able to donate at least $US1 million ($957,396) in the charity of their choice at the end.
Read more: http://www.smh.com.au/business/world-business/buffetts-sp-500-bet-gains-ground-20120322-1vl2j.html#ixzz1ppXoZivb
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